© Reuters
Investing.com – After a weekend in the red, the cryptocurrency continues to decline on Monday morning, with the cryptocurrency trading at $28,270 at the time of writing, down 5.2% from Saturday’s high of $29,835 .
Recall that Friday’s very strong NFP report had weighed on BTC and other cryptocurrencies, casting doubt on investors about a pause in the Fed’s rate hike next month, two days after a Fed meeting. during which the central bank had precisely sent signals in favor of a pause.
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Another more recent factor and more directly related to Bitcoin concerns the fact that Binance, the world’s largest cryptocurrency exchange, halted withdrawals on Bitcoin for the second time in a dozen hours on Monday, citing traffic congestion. the blockchain due to a high volume of pending transactions.
This action was taken due to a “significant volume of Binance withdrawal transactions still pending,” Binance said on Twitter (NYSE:), which appears to have worried crypto traders.
As for this week, anticipations about the next Fed meeting will remain in the center of attention. In that regard, the CPI data due on Wednesday could have a huge influence, with better-than-expected numbers having the potential to make the market even more doubtful of a Fed pause.
The technical context of Bitcoin is deteriorating
From a graphical point of view, it should be noted that the weakness of Bitcoin this Monday morning led the cryptocurrency to test the lower limit of the triangle of uncertainty visible in daily data:
The next potential support is now the $28,000 threshold. Then, the thresholds of $27,000, $26,500, and the 100-day MA at $25,948 will be the next supports.
On the upside, only a return above $30,000 would significantly improve the profile of the . In this case, this year’s peak, near the key threshold of $31,000, will be the first hurdle.