The largest cryptocurrency was barely above $20,000 on Wednesday as analysts’ worries about additional falls increased due to the largest cryptocurrency’s inability to acquire momentum.
On Wednesday, the price of one bitcoin remained almost steady and ranged between $20,130 and $20,429. The top 100 tokens are measured by the MVIS CryptoCompare Digital Assets 100 Index, which decreased 2.1 percent during Singapore’s morning trade.
Bitcoin fell along with risky assets
It has been customary for bitcoin to depreciate on the day that tech stocks decline in recent months, along with riskier assets.
A final washout-style collapse before bitcoin bottoms out has a greater likelihood, according to the majority of technical indicators. Mark Newton, Fundstrat’s technical strategist, warned that any further decline “may produce a nice buying opportunity.”
According to Newton, investors should expect to buy at lower levels and take advantage of any decline that tests or briefly breaks the June lows.