BTC Price Plunges Below 37K USD As Tencent Leads China Tech Rout

Pressure on Chinese technology stocks adds to a vigorous cocktail of inflation and geopolitical friction, with Wall Street closed for trading. Bitcoin kept plummeting lower as 37,000 USD became the newest level to fail the test for bulls.

One of the twitter influencers, Crypto Ed told his followers,

“Not expecting this leg to go very deep tho, should see a bounce towards 40k soon.”

In a recent video update, Crypto Ed had predicted a multi-leg downtrend continuing, with forty thousand dollars forming the target of a relief bounce before another decline followed, this even having the potential to touch the mark of thirty thousand dollars.

He concluded,

“If we somehow manage to get back above $40,000 and go up, then I’m bullish; otherwise not.”

He added that it would take a “miracle” for such a bullish case to come true.

Material Indicators creator Material Scientist mentioned,

“Some bid liquidity in the $20k range has faded upward to the $30s, but want to see a bigger concentration of bids to get market buyers off hands.”

In the meantime, a Wall Street holiday meant a lack of convincing volume on digital asset markets Monday, this being suitable to aggravate moves in any direction due to thin liquidity.

Nevertheless, macro cues continued to flow in, with developments from the Russia-Ukraine conflict primed to unsettle already hysterical sentiment.