Bitcoin zones in on $27,000 while Ethereum dips $300 below its realized price.
With hours to go until the weekly close, the pair was in danger of resuming theTo avoid that outcome and put in a second “green” close, BTC/USD needed to gain over $2,000 from current spot price, which at the time of writing was $27,400.With support levels failing to change the mood thanks to the thinner liquidity during the weekend’s “out-of-hours” trading, analysts feared that a retest of May’s ten-month lows was due.
“Well, Bitcoin couldn't hold $29.3K and started dropping down some more. Looking to see how the $28.5K area is going to react,” Cointelegraph contributor Michaël van de PoppeAmid continuing talk of “capitulation” across cryptoassets, others focused on the fate of highly-correlated stock markets. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, risk assets more broadly could already have seen peak exuberance in the past two years.Twitter followers.
“Just some normal reversion can feel like a crash and the 2020-21 risk asset pump may go down in history like 1929 and 1999.” At the day’s lows near $27,000, meanwhile, Bitcoin traded the closest to its May “mini” capitulation event since that day of turmoil took place at the hands of theFor many, the question was thus how to know where the true macro price floor for Bitcoin could lie.
“If price reaches low 20ks, you will see most of CT calling for 10k or even lower. That will be the bottom confirmation,” popular Twitter account Il Capo of Crypto
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