Bitcoin declined after reaching the highest levels since mid-June on Saturday amid optimism that the market may have recovered from its worst levels.
The largest cryptocurrency dropped as much as 3.6% to $22,958 on Monday after breaking above $24,000 over the weekend, its highest since mid-June. Its 27% gain in July made for the best month since October. Ether slid more than 5% at the start of the week as well after posting a 70% jump last month, its best since January 2021.
Ed Hindi, chief investment officer at crypto hedge fund Tyr Capital, said $24,400 and $1,750 were the next strong technical points for Bitcoin and Ether to break through respectively.
“It was a quiet weekend with extremely illiquid market conditions,” Hindi said in an interview. “What happened is that the market tried to go through these and couldn’t because liquidity wasn’t there. But weekend activity is not really relevant because it tends to be reversed on Monday when the bulk of volumes come back into the market.”
ByVildana Hajric and Immanual John Milton.