The crypto market capitalisation plummeted below $3.9 trillion on Monday morning, which is 4% lower than the previous day. Among the top altcoins, Bitcoin is losing less than others, while SushiSwap (-13%) and Dogecoin (-11%) lead the list of outsiders. This contrasts with gold hitting new highs and silver surging since the morning, indicating investors’ appetite for safe-haven assets after a period of low volatility.
On Monday, Bitcoin broke through support near $115K, which bears had been trying to push through since 13 September. In recent days, there have been several signals of a shift to a downward trend in the first cryptocurrency. BTCUSD fell out of the upward channel that had been in place since early September, dropped below horizontal support and fell sharply below the 50-day moving average. This combination of negative signals suggests a further decline is likely unless there is a fundamental change in financial market sentiment.
