Investing.com – The drop markedly since midday on Sunday, after consolidating above the $ 35,000 support that had lasted since Friday.
The cryptocurrency has indeed bottomed at $ 33,700 so far, down more than 6% since yesterday, and at its lowest for more than 10 days.
Fundamental news offered no obvious bearish catalyst this weekend, however, it is possible to pick up a major technical signal.
This is because the 50-day moving average has crossed below the 200-day moving average, as seen in the chart below:
However, this is a major bearish technical signal called “death cross” which had been feared for several days. Although this signal was anticipated, it nevertheless seems to have attracted sellers, and / or made buyers capitulate.
If the fall continues from current prices, the next important support to consider will be the major psychological threshold of $ 30,000. On the upside, the first hurdle is at $ 35,000, before a bigger hurdle at $ 40,000.
Finally, it should be noted that other cryptocurrencies are also showing a sharp drop this Sunday. The loses more than 7%, threatening to fall back under $ 2000. The meanwhile posted the biggest drop in the Top 10 cryptos with a drop of 11% over 24 hours.
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