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Bitcoin resuming down trend on broad crypto selloff

Cryptocurrencies stumbled overnight with Bitcoin crashing to the lowest level since June, eyeing 2022 low. The moves came on news that Binance offered to FTX’s non-US operations to fix “liquidity crunch”.

Technically, current downside moment, and the break of September’s low at 18144 suggests that Bitcoin is ready for down trend resumption. For now, further decline is expected as long as 19272 resistance holds.

Bitcoin is ready to taken on 61.8% projection of 25198 to 18144 from 21460 at 17100 first. Firm break there could prompt downside acceleration to 100% projection at 14406.

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