Is this a cool\u002Ddown on a potentially overheated asset or part of an overall market correction?
Call it a healthy correction or call it price discovery, but bitcoin dropped below US$30,000 for the first time in about four weeks yesterday, raising the question of whether investors are seeing a cool-down on a potentially overheated asset or if this plunge runs parallel to the overall market correction unfolding in the North American markets this week.
A massive sell-off on Wall Street fuelled by renewed concerns around the Delta variant of the COVID-19 virus spooked investors on Monday, leading the Dow, S&P 500, and the Nasdaq to see their worst day’s performance in months. Analysts like Patrick Heusser, the head of trading at Crypto Broker AG, argue that the coin could have further to fall — potentially even to US$20,000. In his technical analysis report to Crypto Finance readers, Heusser wrote that there was a surprisingly low trading volume recently while prices are grinding lower. “It potentially signals that sellers are exhausted and that the market is waiting for some positive news,” he said in his report.
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