Bitcoin extends downtrend as risk appetite remains muted
The crypto market slipped overnight, with bitcoin dropping 1.5% from the high it hit in the early hours of Wednesday.
The broader market followed suit. The CoinDesk 20 (CD20) fell 1.6% since midnight UTC with all members of the index declining.
Bitcoin’s sell-off after failing to break above $94,700 last week has extended a downtrend that started in early October with a series of lower highs.
In order to break the bearish trend and stage a recovery, the largest cryptocurrency needs to trade back above $95,000 and ideally $98,000, although year-end catalysts remain absent.
Much of the market is, however, in “oversold” territory according to the average crypto relative strength index (RSI), which is at 38.49/100, indicating the…
