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Bitcoin Slumps Under $26K as Bearish Outlook Engulfs Crypto Market
Price-charts suggest more declines ahead even as large investors are adding on their bitcoin holdings, one trader said.
Updated Aug 28, 2023, 3:18 p.m. Published Aug 28, 2023, 11:10 a.m.
Bitcoin dipped under $26,000 in European morning hours on Monday amid a generally bearish sentiment among crypto traders and the lack of new catalysts to rally markets.
BTC fell as low as $25,886 on Binance, CoinGecko data shows, before slightly recovering. Major tokens XRP, cardano's ADA, and solana's SOL fell as much as 2.2%, continuing a downtrend since last week.
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Ether fell 1.1% even as trading aggregator protocol 1Inch invested over $10 million worth of stablecoins from its treasury to purchase 6,088 ETH late on Sunday, providing some buying pressure to an otherwise tepid market.
The drop in majors came even as traditional markets buoyed on Monday, with Shanghai Composition and Nikkei 225 finishing more than 1%, Singapore adding 0.73% and European indices opening up to 0.36% higher.
Meanwhile, FxPro trader Alex Kuptsikevich told CoinDesk in a note that the firm expected further declines, citing price-chart data.
“The technical picture for Bitcoin remains bearish on weekly timeframes, as the price is below its 200-week average and outside of its ascending channel,” Kuptsikevich shared. “The most likely short-term outlook is for a decline to the $23.9-24.6K region.”
On a price chart, an ascending channel is a price pattern made by higher highs and higher lows – with a break below this suggesting bearish price action among traders.
As such traders have remained bearish since the start of August: Futures traders are positioning for a bearish market while options activity shows traders expect a further downside.
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LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
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- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
- The token's momentum is also fueled by Binance's pause on LUNC withdrawals ahead of the Terra Chain's v2.18 upgrade, which aims to improve network stability, despite the token remaining volatile.
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