Bitcoin Price Drops Below $26,000 as Crypto Traders Remain Bearish
In European morning hours on Monday, Bitcoin (BTC) fell below $26,000, indicating a bearish sentiment among crypto traders. The lack of new catalysts to rally the markets also contributed to the decline. Major tokens such as XRP, ADA, and SOL also experienced a downtrend since last week.
- Bitcoin (BTC) fell as low as $25,886 on Binance before slightly recovering.
- Other major tokens like XRP, ADA, and SOL also saw declines.
- Ether (ETH) fell 1.1% despite a $10 million investment from 1Inch.
- Traditional markets, on the other hand, performed well with Shanghai Composition and Nikkei 225 finishing more than 1% higher.
- FxPro trader Alex Kuptsikevich expects further declines for Bitcoin, citing bearish price-chart data.
Traders have remained bearish since the start of August, with futures traders positioning for a bearish market and options activity indicating expectations of further downside.
Hot Take
The bearish sentiment and lack of positive catalysts continue to weigh on Bitcoin and other major cryptocurrencies. While traditional markets are performing well, crypto traders remain cautious. The technical analysis suggests more declines ahead, with Bitcoin potentially reaching the $23.9-24.6K region. It remains to be seen whether any new developments or market events will be able to reverse the current bearish trend.
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