Bitcoin has dropped below a crucial technical threshold, indicating potential for further losses in the cryptocurrency’s price. The assessment comes from Katie Stockton, founder and managing partner at Fairlead Strategies. According to her analysis, Bitcoin’s price has fallen below its 200-day moving average, currently at $109,800 — a widely used indicator to define long-term market trends and a key support level for the asset, reports Baltimore Chronicle with reference to MarketWatch.
In a note published on Monday, Stockton stated that, based on current technical indicators, Bitcoin’s corrective phase is likely to persist for several more weeks. She identified the next support level around $94,200, adding that the long-term momentum remains positive. If the current technical trend concludes, Bitcoin could potentially rebound toward $134,500 in the long run.
According to blockchain data, Bitcoin declined by 3.9% on Monday, trading near $106,400, as several large holders sold portions of their assets. Analysts at QCP noted that the recent sell-offs, including the latest one, lacked any clear macroeconomic catalyst, suggesting that the market correction may be driven primarily by investor sentiment.
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