The crypto market started the week off in the red as Bitcoin’s price fell below $25,000 for the first time since June 15, leading to a rout in the altcoin market.
- The cryptocurrency market started the week off on a negative note as prices trended lower on Monday led by Bitcoin , which broke below support at $25,000 for the first time since June 15 amid historic lows in volatility, liquidity, trading volumes, and on-chain settlement volumes.
At the market close on Monday, the S&P, Dow, and Nasdaq all finished in the green, up 0.67%, 0.25%, and 1.14%, respectively. MN Trading analyst Gunter Lackmann noted that last week saw “another short lived uptick in BTC price” that “barely pushed towards $26,500.”“The order block is still holding support,” Lackmann said prior to Monday’s price drop. “RSI is still in an upwards trajectory. Feels like bulls are getting conditioned to believe that ‘all breakout attempts fail anyways’ and the bears are waiting for $12k.”
Following the move lower, MN Trading founder Michaël van de Poppe posted the following tweet noting the move lower took longer than expected and highlighting the need to maintain support above $24,800.— Michaël van de Poppe September 11, 2023 Cubics Analytics founder Caleb Franzen likewise highlighted the importance for BTC to hold onto support in the $23,800 - $25,300 range.
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