📉 Cryptos sink as Bitcoin drops below $60,000

After a solid performance of cryptocurrencies last week, a pullback arrived at the market. Bitcoin is taking an over-3% dive today and drops below the $60,000 mark. The most famous cryptocurrency is trading at a 2-week low at press time. However, even bigger price drops can be spotted on other altcoins. Dogecoin trades around 12% lower on the day while Cardano drops almost 11%. There was no major news that could justify such a steep drop and today's moves seem to be cool-off after last week's steep gains that were supported by the launch of Bitcoin futures ETFs in the United States. Speaking of ETFs, Direxion filed an application for launch of an ETF that will short CME Bitcoin futures. This could have contributed to today's drop as news arrived on the European morning, more or less at the same time as the latest leg lower was launched.

Cardano took a steep dive following a break below the lower limit of a narrowing wage pattern. Textbook range of a downside breakout from the pattern can be found at the 1.68 mark. Source: xStation5

Bitcoin as well as altcoins sink today. Source: xStation5