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7am Update: Bitcoin has deepened its decline since the publication of this article at 1:30 a.m., falling below the psychological threshold of $40,000, with a low so far at $38,270, the lowest since August 2021, the fall of Asian markets which added to the general risk aversion in the markets.
Investing.com – After giving investors hope, with a rally to $43,540 late yesterday afternoon, the market has literally crashed, for now down to a low of $40,400 at 1 a.m. the night of Thursday to Friday, after a fall of 7.2% in about 8 hours.
Other cryptocurrencies were also dragged down by Bitcoin, with it now back below $3,000, posting a 4% drop since yesterday. However, it is its competitor that shows the biggest drop in the top 10, at -6.7% over 24 hours and -13% over one week.
At the origin of this new bout of weakness in cryptocurrencies, there is a generalized feeling of risk aversion which was also observed in US technology stocks yesterday.
A report from the Russian central bank arguing for an outright ban on cryptocurrencies in the country also weighed more specifically on the morale of crypto investors.
From a graphical point of view, Bitcoin is dangerously approaching the major support of $40,000, the breakout of which would expose the next support located around $37,000. On the upside, the hourly chart suggests that a return above $42,000 at a minimum is needed to mitigate the immediate bearish profile for BTC/USD.
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