Cryptocurrency

Bitcoin

Rekt

<p>Cryptocurrency prices slid lower on Monday as Bitcoin stalled below $28,000 resistance. The pullback follows a failed rally over the weekend that saw Bitcoin briefly reach $28,000 before meeting selling pressure.</p> 
<p>At the time of writing, Bitcoin traded around $27,640, falling 1.5% over the past 24 hours. The overall crypto market cap declined nearly 1.8% to $1.09 trillion as traders took profits from the recent bounce.</p> 
<p>The retreat from local highs aligns with bearish technical outlooks. Analyst Alejandro <a href="https://twitter.com/Pastore1314/status/1708864460423635023" target="_blank" rel="noopener noreferrer nofollow">expects</a> Bitcoin to revisit the $19,000 to $20,000 zone, which he identifies as a potential floor. But he cautions another capitulation wave could drive prices as low as $12,000 first.</p> 
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<p>Other experts highlight Bitcoin’s failure to overcome stiff overhead resistance around $28,000. Rekt Capital <a href="https://twitter.com/rektcapital/status/1708877645159583800" target="_blank" rel="noopener noreferrer nofollow">notes </a>that the latest rejection creates a problematic lower high that keeps the cryptocurrency stuck in its downtrend.</p> 
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<p>Beyond technical headwinds, FTX founder Sam Bankman-Fried’s criminal trial beginning October 3rd may also be unnerving investors. The high-profile case could bring negative publicity and regulatory scrutiny back to the forefront.</p> 
<p>Additionally, some traders likely took profits on long positions after yesterday’s price jumps. Bitcoin surging to briefly top $28,000 in days led opportunistic sellers to lock in gains.</p> 
<p>The combination of hitting resistance, profit-taking, and external regulatory risks took the steam out of the rally. Looking ahead, clearing the recent lower highs is critical for Bitcoin to restore upside momentum in the near-term. Otherwise, technical and fundamental drags could lead to a retest of 2022 lows.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-6/">Why is the Crypto Market Down Today?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why is the Crypto Market Down Today?

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