Wednesday, May 29, 2024

As Tencent leads the largest China tech meltdown since July, Bitcoin falls below $38,000.

The forecast for BTC is not good. The support for BTC earlier stood at $38,000. This support had held fast for sometime. But recently the support fell.

These are testing times for crypto bulls. However, they are optimistic and hope that the downward trend will end soon. They are of the opinion that the chances of a reversal are good. They think that once the trend reverses, BTC could again rise to $40,000.

Crypto Headwinds

Crypto Ed had a different take earlier. The downward trend was expected to persist. After a brief reversal, the down ward trend could breach $30,000.

He believes, that if somehow BTC claws back up to $40,000 there is some hope. He concedes through that it would take a miracle for BTC to touch $40,000.

BTC/USD also continued to slide lower. However, a bright spot was that on Binance, there were increasing bids at $37,000. These transactions are fairly steady. This could be attributed to interest from institutional investors. Their continued interest in BTC provides the bright spot. Retail investors though are in two minds.

China Tech Sell-off

The liquidity in the market is low. To make matters worse Wall Street had a holiday. Hence, there was no pick up in volumes. The conflict in Ukraine does not help matters either.

The conflict in Ukraine has affected the stock markets in Europe. FTSE, London and DAX, Germany were both down. Asian markets did not fare any better. The crackdown on the big tech firms in China is weighing heavily on the markets. Tencent alone lost 6% of its market cap. There are fears of more crackdowns. Tencent is the worst affected in the China tech sell-off.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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