"Bitcoin ( CRYPTO:BTC) has been on a painful retreat over the past week, sinking below that $100,000 level that many traders have been keeping close watch of. As the Bitcoin trade unwinds after a rather uneventful year alongside the tech trade, it seems like crypto investors might have enough reasons to throw in the towel before things get nastier going into the holiday season."
"Of course, the thing with Bitcoin and crypto is that there are no fundamentals to go by, and without key valuation metrics, it can be difficult to draw a line in the sand, especially when negative momentum really begins to pick up steam. Personally, I think paying closer attention to the technical picture is a wise idea, as is seeing what the smart money (think big-name investors) is doing amid the pick-up in crypto market volatility."
Bitcoin has retreated over the past week, falling below the $100,000 mark and trading around $91,000. The asset is about 25% below its peak and is slightly negative year-to-date. Traditional valuation fundamentals are largely absent for Bitcoin, increasing reliance on technical analysis and monitoring large investors’ activity. A key support level has been broken, raising the probability of continued selling and heightened volatility through the near-to-medium term. Traders may consider reducing position sizes or placing limit orders at identified support levels. Smart-money purchases do not guarantee immediate value or halt further downside.
Read at 24/7 Wall St.
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