- The deeper correction that many had been forecasting for the crypto market arrived on Monday as congestion on the Bitcoin network led to a pause in BTC withdrawals from Binance, sending crypto prices tumbling as investors grow frustrated with delayed transactions and increased transaction costs.
Data provided by TradingView shows that Bitcoin’s price began trending down with the opening candle on Monday, initially finding support at $28,000 before bears redoubled their efforts and managed to drop the top crypto to a low of $27,375 in the late afternoon. Bulls have since bid BTC back above $27,600, where they now battle bears for control of the price action.The weakness in BTC led to May Bitcoin futures trading “solidly lower in early U.S.
“First, the market is just giving the Genslers of the world what they have been advocating all this time: crypto is an immature zoo and the apes are running loose again, time for some taming,” the analysts warned. “Also, meme coin rush & rugs don’t happen during market bottoms, they start close to market tops.”
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Source: CryptoAmb - 🏆 22. / 68 Read more »