Focus on Fibonacci averages
The largest cryptocurrency falls below $ 60,000, the lowest level in approximately three weeks, as fears about US taxes and China’s continuing crackdown intensify.
Bitcoin declined roughly 2.5 percent to $ 59,000 in Hong Kong Wednesday morning trade, falling for the fourth day in a row.
Cryptocurrencies fell by about 10%
Ether dropped 3.4 percent to $4,110, its lowest point since October 28. In the previous seven days, all other tokens have fallen by at least 10%.
“This tiny reversal presents an appealing buy-on-disappointment risk for bitcoin’s climb in the coming weeks. This week, downside goals should be met, with bitcoin support reaching important levels of $ 59,862 or $ 57,371 “According to Fundstrat’s technical strategy analysis.
The cryptocurrency system has fared well overall this year, but fears about tax measures in US infrastructure legislation and China’s growing regulatory crackdown have helped deflate momentum that has been strong in recent months.