Bitcoin´s further away from $17,000, during a day of losses
Bitcoin´s price continues to decline for the seventh consecutive day. On Wednesday, losses exceed 1%, bringing the quintessential cryptocurrency further away from its resistance level above $17,000.
The largest asset by market capitalization in the cryptocurrency market is experiencing historically low volatility. Miners sold nearly all of the Bitcoin they mined throughout 2022, sparking debate over whether the sales created a persistent headwind for Bitcoin´s price.
"Bitcoin maintains a complicated technical look. The 'crypto' continues to shape a pullback to 18,000 and everything seems to indicate that we could end up seeing an attack on the $14,925 support. If it loses this price level, the most normal thing is that we will end up seeing an extension of the falls to $10,000," stated César Nuez, technical analyst at Bolsamanía.
As for other cryptocurrencies, Solana, one of Ethereum's main competitors, stands out, as it continues to plummet and is already at its lowest level in almost two years.