Bitcoin
and other cryptocurrencies were falling Monday as traders took stock after last week’s rally in the sector.
Bitcoin
has fallen 1.2% to $30,392 over the last 24 hours. The largest cryptocurrency showed a muted reaction in trading over the weekend to events in Russia, holding above $30,000 after hitting a 12-month high on Friday.
Cryptocurrency prices look likely to continue to be dictated in the immediate future by regulatory prospects for the sector in the U.S. with the Securities and Exchange Commission evaluating applications for the first exchange-traded funds to own Bitcoin.
“From a technical point of view … the large $25,000-$31,000 range is now under pressure,” wrote Javier Molina, a market analyst at eToro, in a research note. “If $31,000 is exceeded, the immediate bullish target is at $36,000 … . If it can’t break that resistance, $28,000 first and then $26,500 are the supports to watch.”
Beyond Bitcoin,
Ether
—the second-largest crypto—was down 1.2% to $1,893. Smaller cryptos , or altcoins, also were falling, with
Cardano
down 3.2% and
Polygon
falling 2.2%.
Dogecoin
dropped 2.4%.
Write to Adam Clark at adam.clark@barrons.com
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