Bitcoin fell to its lowest level since mid-January on Monday, currently holding above the $33,000 mark. The health situation in China and the war in Ukraine weigh on the financial markets.
As midday approached, one bitcoin was trading around $33,445 on the Bitstamp platform, 14.3% lower than a week earlier. In one month, it has lost more than a fifth of its value.
‘Bitcoin fell below its lowest level since January over the weekend. The next natural level for investors betting down on bitcoin is the psychological threshold of $30,000, notes Ipek Ozkardeskaya, analyst at Swissquote.
Many institutional investors treat their cryptoassets like tech stocks and dump them from their portfolio during turbulent market phases. A balance atmosphere continues to hover, ”comments for his part Timo Emden, of Emden Research. ‘At the same time, a market correction continues at a significant level’.
‘A sharp drop below the $33,000 mark might cause panic among traders. At that time at the latest, investors should be prepared for further downside risks,” Emden concludes.
According to the specialized platform CoinGecko, the market value of all cryptocurrencies fell by 3.5% in the last 24 hours to 1616 billion dollars. Bitcoin’s share remained stable at 39%.
/ATS
