Cryptocurrency prices have been languishing, failing to consistently hold gains in recent weeks. Analysts are eyeing weakness in the technicals.
Bitcoin and other cryptocurrencies slipped lower on Tuesday as digital assets continued to languish at relatively depressed levels. Analysts are eyeing weakness in technical factors, suggesting more declines may be coming.
“Bitcoin has been pegged at $26,000 for more than two weeks. An attempt to move back above the 200-day average has technically encountered stronger selling, confirming that the bears are not relinquishing market control,” said Alex Kuptsikevich, an analyst at broker FxPro. “This…suggests higher risks that the consolidation will end with downside momentum, potentially at $25,000 or even $24,000.”
However, digital-asset traders continue to focus in particular on coming decisions from the Securities and Exchange Commission about applications for spot Bitcoin exchange-traded funds . Holding Bitcoin, such ETFs have been heralded as a key catalyst for crypto prices. While the SEC recently delayed decisions on several applications until October, crypto bulls remain upbeat that approval is a matter of time, and analysts have debated to what extent a decision is already priced in.
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