Cryptocurrencies suffered an ugly selloff over the weekend, as Bitcoin dived to as low as 41908, and then recovered and settled in range around 48k/49k. The move was exaggerated by low liquidity and cascading selling and liquidations. But it’s also part of the overall risk-off moves late last week.
Technically, downside risks will remain in Bitcoin as long as 53299 support turned resistance holds. But we’re not expecting a break of 40k handle for now, which is close to 39559. However, firm break of 39559 could trigger even steeper selling to 30k handle, which is close to 29261.
