Bitcoin has fallen to its lowest level in about a month, with prices dropping to $38,580 on April 18 as investors remain risk-averse to the digital currency and uncertainties mount over demand for these coins.
After exceeding $68,500 in November 2021, Bitcoin prices fell below $33,500 in January 2022. Since Russia invaded Ukraine, the cryptocurrency has been trading in the $37,500 to $48,000 range. Bitcoin was priced at $39,196 as of 15:49 UTC (11:49 a.m. Eastern time) on April 18, a 42 percent decline from the November peak.
However, Bitcoin is “not close to an oversold reading,” John Roque, technical analyst at 22V Research, said in a note Sunday, according to Bloomberg. He is not expecting the near-term support of $35,000 to hold and believes that Bitcoin will get to the $30,000 level, which as per the current price would require a drop of over 23 percent.
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