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Home›Risk on Risk Off›Cryptocurrency Slow Persists As Bitcoin Looks Below $ 30k

Cryptocurrency Slow Persists As Bitcoin Looks Below $ 30k

By Anna Bayne
May 29, 2021
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Cryptocurrency prices have seen a steady decline over the past few weeks as the overall upward momentum has faltered due to huge sales volumes above key resistance levels.

The market is drifting into interesting but dangerous territory where a constellation of key risk factors such as lack of strong support, bearish sentiment, negative outlook, risk aversion, limit buy orders, market activity. Moderate market, restricted leverage and weak institutional trading on the The return to the still intact downtrend could lead to another flash crash with a 30-50% drop over the next few days or weeks.

The key here is that, unlike in previous days, there is no buying of significant lows, as fears of further lows against the backdrop of a lingering negative outlook continue to fuel caution and the general sense of absence. risk in the market.

This could open new lows, pushing bitcoin below the $ 30,000 level for the first time in months. Altcoins would experience similar percentage point declines as they have so far.

At press time, Bitcoin (BTC) changes virtual hands at $ 35,900, Ether (ETH) at $ 2,450, Ripple (XRP) at $ 0.91, Binance Coin (BNB) $ 336, Cardano (ADA) at 1 $ 49, Dogecoin (DOGE) at $ 0.30, ChainLink (Link) at $ 29.50, UniSwap (UNI) at $ 26.78, Polkadot (DOT) at $ 21.93 and Stellar (XML) at 0 , 39 USD.

On the other hand, if there is a rise in trough buying, it could create short-term support to hold the market.

However, almost all margin providers have announced temporary margin changes on cryptocurrency instruments due to the surge in short selling as experienced traders use leverage to anticipate these pullbacks. This is also one of the factors limiting new orders.

Brokers and exchanges typically warn clients of tighter margin rules when preparing for “high volatility” in the markets.

The noise of the market and the buzz around joke or doge currencies and their surge for no reason or fundamental logic has discouraged serious investors in recent weeks, as they fear that such speculation could threaten the global institutionalization of the currency. serious technology and innovation.

For now, the worry is that the current downward drift may be just a taste of what needs to happen as risk-averse corporate investors turn a profit and jump off the ship. sink, letting retail traders hold the bag.

However, with these highs and lows tied to the range in the middle of the sustained downtrend, among the lingering questions is the big one: is this a hiccup or the start of something worse?

Risk Warning: Cryptocurrency is a notoriously volatile unregulated virtual asset with a high level of risk. All news, opinions, research, data or other information contained in this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice.



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