Bitcoin

An analyst noted that even as major investors were adding to their Bitcoin holdings, the BTC price signaled further declines based on the price charts.Bitcoin (BTC) fell below $26,000 on Monday morning due to the overall bearish sentiment prevailing among crypto traders and the lack of new catalysts to boost the markets. According to CoinGecko data, BTC dropped to as low as $25,886 on Binance and then showed a slight recovery. Major tokens including XRP, Cardano&#39;s ADA, and Solana&#39;s SOL continued their downward trend, falling by up to 2.2% since last week.Ether (ETH) declined by 1.1% despite the decentralized trading aggregator protocol 1Inch making an investment of over $10 million in stablecoins from its treasury to buy 6,088 ETH in the late hours of Sunday. This investment provided some buying pressure in an otherwise bearish market.Bitcoin While the mainstream markets rallied on Monday, with the Shanghai Composite and Nikkei rising by over 1%, Singapore by 0.73%, and European indices by up to 0.36%, the primary branches saw a decline.Further Drop Expected for Bitcoin! Meanwhile, Alex Kuptsikevich, a trader at FxPro, indicated in a note to CoinDesk that he expected further decline based on the company&#39;s price chart data.Kuptsikevich stated, &#34;The technical picture for Bitcoin remains bearish on the weekly time frames as the price remains below the 200-week moving average and outside the rising channel.&#34; He added, &#34;The most probable short-term scenario is a decline to the $23.9-24.6k region.&#34;An ascending channel on a price chart is a price pattern composed of higher highs and higher lows. A breach below it signifies a bearish price movement among traders.Therefore, traders have continued the bearish trend since early August. While futures traders are positioning for a bear market, options activity indicates that traders are expecting further declines.

As the bearish sentiment takes hold of the cryptocurrency markets, the price of Bitcoin dropped below $26,000!

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