The global crypto market’s value dropped about 4% in the past 24 hours to $1.9 trillion, according to pricing from CoinGecko.
Technical charts suggest that despite Bitcoin’s recent drop it’s “not close to an oversold reading,” and near-term support at $35,000 likely won’t hold, said John Roque, technical analyst at 22V Research, in a note Sunday.
Analysis from data provider Glassnode suggests that interest in Bitcoin has remained muted, with little growth in the coin’s user base and minimal flows of new demand.
But price targets like $500,000 and $1 million circulating mean “it’s hard for us to figure sentiment remains anything but constructive.