The price of Bitcoin dipped below $26,000 on Monday morning as the overall crypto market sentiment remained bearish amid a lack of positive catalysts.
According to data from Binance and CoinGecko, Bitcoin fell as low as $25,886 before recovering slightly. Other major cryptocurrencies like XRP, ADA, and SOL also declined between 1-2%. The drops came even as traditional stock markets rose on Monday, with indices in Shanghai, Tokyo, Singapore, and Europe all posting gains.
Meanwhile, technical analysis by traders suggests further declines may be ahead. Alex Kuptsikevich, an analyst at trading firm FxPro, told CoinDesk that bitcoin remains in a bearish position on weekly timeframes with the price trading below key indicators like the 200-week moving average. Kuptsikevich believes the short-term outlook could see Bitcoin falling to the $23,900 to $24,600 level.
On price charts, Bitcoin has broken below an ascending channel, which is a pattern of higher highs and higher lows. This break of support indicates negative sentiment among traders.
Yet even amid the gloomy price action, some large investors appear to be accumulating bitcoin on dips. Ethereum protocol 1inch Network purchased over $10 million worth of ETH late Sunday, providing some buying pressure.
For now, technical and on-chain analysis indicates traders remain cautious, bracing for more downward momentum in the absence of major positive developments. Bitcoin’s struggle to stay above $26,000 underscores the bearish mindset currently dominating crypto markets.
