Cryptocurrencies have had a weak period and are testing key supports today. There is little indication that the situation will improve immediately in the coming sessions.
- Bitcoin has slipped below $30,000 and is heading towards $28,000 from where supply will attempt to push the price towards the May lows near $24,000
The reaction of the cryptocurrency market has repeatedly foreshadowed the future direction for financial markets
- Smaller cryptocurrencies known as altcoins are performing exceptionally poorly against Bitcoin. As was the case in previous cycles of growth in the cryptocurrency market, some projects are already 90% below their price peaks, while Bitcoin has lost nearly 60%
Bitcoin price chart, interval M30. The main cryptocurrency broke below the lower limit of the descending triangle formation (green zone) and is currently testing the psychological support at the level of USD 28,000. Source: xStation 5
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