There’s a downside to having a market that never closes, as crypto bulls who were hoping to enjoy their weekend just found out.
Friday’s selloff in Bitcoin, Ethereum and other cryptoassets turned into a rout heading into the weekend, and prices aren’t yet seeing much reason for optimism yet in the new week. There was little in the way of fundamental or macroeconomic news to drive the selloff; rather traders’ appetite for risk assets has simply collapsed across the board.
Bitcoin has fallen by over 10% since Friday, currently trading at around $20,900 and back below the 200 weekly MA (which is at around $23,100). Some believe that the significant sell off on Friday was caused by Celsius Network, who are bankrupt, receiving approval to sell mined Bitcoin to cover their operations. It has been speculated that Celsius sold 7000 Bitcoin on FTX spot, which led to a cascade of liquidations.
Bearish near-term bias for Bitcoin
From a technical perspective, the big drop has done durable damage to the technicals. Looking at Bitcoin, prices bounced off their June lows, forming a rising…
