Bitcoin experienced a downturn, edging closer to the lower end of its established trading range as concerns surrounding the demand for risk assets persist. The original cryptocurrency dipped below $US90,000 for the first time in two days, falling as much as 3.4 per cent on Thursday in New York trading. Over the past month, Bitcoin has largely fluctuated within a range of $US85,000 to $US95,000.
Smaller tokens followed suit, also experiencing declines. Ether, a prominent cryptocurrency, saw its value decrease by as much as 5.8 per cent.
According to Alex Kuptsikevich, chief market analyst at FxPro, the market is currently assessing the robustness of the moderate uptrend that has been developing since November 21. In a note released on Thursday, Kuptsikevich suggested that a fall below $88,000 would undermine this trend, strengthen bearish sentiment, and signal the conclusion of the recent recovery rally.
FxPro is a global online broker offering a range of financial instruments, including forex, shares, indices, and commodities. The company provides trading platforms and tools for both retail and institutional clients.
