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Bitcoin clings to $26k as the broader crypto market shows weakness

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Bitcoin clings to $26k as the broader crypto market shows weakness Bitcoinprice BTC crypto

- The cryptocurrency market started the week off with a whimper as the lasting effects of last week’s enforcement actions by the U.S. Securities and Exchange Commission combined with a busy week of economic data and interest rate announcements kept trading activity subdued.

Data provided by TradingView shows that Bitcoin traded between a high of $26,275 and a low of $25,760 on the day and is holding near support at $26,000 at the time of writing.“July Bitcoin futures prices traded lower in early U.S. trading hours Monday,” according to Kitco senior technical analyst Jim Wyckoff.“The bears do have the slight overall near-term technical advantage as a gentle price downtrend is in place on the daily bar chart,” Wyckoff said.

Since the mid-April rally to ~$31000, #BTC has been in a consistent downtrend$BTC has been forming new Lower Highs every 2-3 weeks or so

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