Bitcoin and other cryptocurrencies rebounded Tuesday from a selloff to multi-month lows, but the downside momentum may be too much to match for cryptos as the seasonal September worries take hold.
“The declines in cryptocurrencies came as negative sentiment continued to flow into the markets,” said Samer Hasn, an analyst at broker XS.com, noting a spooked attitude among traders amid significant volumes of digital assets moving from wallets to exchanges. “Huge transfers to cryptocurrency exchanges are usually translated as a negative sign, since these transfers are due to the intention to sell or swap cryptocurrencies,” Hasn added.
The price action Monday may be just the first of the fierce moves traders have been bracing for this week with macroeconomic catalysts looming. Bitcoin remains vulnerable to the $25,200 technical price level, noted Katie Stockton, managing partner at technical research firm Fairlead Strategies, with downside risks as far as $23,200 if a more decisive breakdown occurs.
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