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BITCOIN FELL BACK BELOW $30,000 LOWEST, STILL ATTEMPT FOR UPWARD MOMENT

BITCOIN FELL BACK BELOW $30,000 LOWEST, STILL ATTEMPT FOR UPWARD MOMENT 

The largest cryptocurrency fell sharply from 7.1% to $ 29,209, a level never seen since May 30. Other tokens are also declining, with Ether falling 7.3% to $ 1,725. The avalanche dropped to 9.3%.


The move comes a day after Bitcoin rose to more than $ 31,000, leading some investors to expect further rise. But it has faced "significant resistance" of about $ 31,500 to $ 32,000, according to Marcus Sotiriou, a GlobalBlock analyst for digital assets based in the UK.


"This market is shrinking," said Adam Farthing and Collin Howe of crypto liquidity B2C2 supplier. "Without a catalyst for the upside, current sentiment may keep prices apart, with a clear and immediate risk of a break."


The crypto decline has come as the future of US stocks remains red and the dollar is making profits. The Treasury's default yield on Monday has fueled fears that rising borrowing costs could lead to a recession. Bitcoin is strongly associated with the most dangerous assets in the last few years.


Markets will continue to look for signals that current levels - $ 28,000 to $ 32,750 for Bitcoin, and $ 1,700 to $ 2,100 for Ether - could break, B2C2 said in a note.

Source: yahoo




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