Bitcoin dropped to its lowest level in more than a month as cryptocurrency continued to be hurt by investors' risk aversion amid signs of muted new interest in the coins.
The largest cryptocurrency fell as much as 4.2 percent to $38,580 (roughly Rs. 30 lakh) on Monday. Second-largest Ether dropped 4.7 percent, declining to as low as $2,902 (roughly Rs. 2.2 lakh). The global crypto market's value dropped about 4 percent in the past 24 hours to $1.9 trillion (roughly Rs. 1,45,06,180 crore), according to pricing from CoinGecko.
Technical charts suggest that despite Bitcoin's recent drop it's “not close to an oversold reading,” and near-term support at $35,000 (roughly Rs. 26 lakh) likely won't hold, said John Roque, technical analyst at 22V Research, in a note Sunday. “We continue to believe that it will get to the $30,000 (roughly Rs. 22 lakh) level,” he said.
Bitcoin has been struggling along with risk assets in recent months. It's largely traded in a range of $35,000 (roughly Rs. 26 lakh) to $45,000 (roughly Rs. 34 lakh) this year as the Federal Reserve started hiking interest rates amid stubbornly high inflation. Analysis from data provider Glassnode suggests that interest in Bitcoin has remained muted, with little growth in the coin's user base and minimal flows of new demand.
Many Bitcoin bulls remain unbowed, with predictions of $100,000 (roughly Rs. 76 lakh) and even higher still being mentioned. But price targets like $500,000 (roughly Rs. 3.8 crore) and $1 million (roughly Rs. 7.6 crore) circulating mean “it's hard for us to figure sentiment remains anything but constructive. And with a chart that looks like this that's bad news,” Roque said.
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