"There's a bit of a panic going on in the crypto markets, to say the least, with Bitcoin ( CRYPTO:BTC) and Ether ( CRYPTO:ETH) both tumbling by a high double-digit percentage in the past month. With Bitcoin hovering around $84,000, there's concern that more pain could be in the cards as the technical picture gets a bit nastier. And if the broad tech sell-off drags its feet all the way into year's end and perhaps into some part of the new year,"
"Personally, I wouldn't brave the latest plunge in Bitcoin, now that the digital token has shed close to a third of its value in short order. While I would consider giving the largest crypto a second look, should they hit the $60,000-63,000 range, an area of strong support, given the 2024 consolidation channel as well as the two highs in 2021, investors shouldn't opt to invest any cash they wouldn't be willing to part with."
"At the end of the day, cryptocurrencies are an incredibly volatile asset, to say the least. But, at the same time, volatility can work in both directions, with some of the biggest swings coming not all too far behind some of the worst implosions. Though there could be more room to the downside over the short- to medium-term, I wouldn't write off the asset class entirely, especially if the tech trade settles down and the risk appetite risks up, moving into"
Cryptocurrency markets experienced a sharp sell-off, with Bitcoin and Ether tumbling by high double-digit percentages over the past month. Bitcoin hovered near $84,000 amid concern that the technical picture is deteriorating and that further losses may occur. A prolonged technology sector sell-off into year-end and early next year could increase crypto volatility, including weekend turbulence for major tokens. Several crypto plays are weakening, prompting doubts about Bitcoin's suitability as a risk-off asset akin to gold. A potential strong support zone for Bitcoin exists around $60,000–$63,000, and investors are advised not to risk funds they cannot afford to lose.
Read at 24/7 Wall St.
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