$BTC dipped as low as $28,872 on Monday, the lowest price since June 21, and could be headed toward the $27,000 level due to a lack of positive news and muted summer trading sessions, one observer said. By sndr_krisztian, godbole17, shauryamalwa
will be challenging. Early this year, analysts widely cited China's reopening of its economy as a major bullish tailwind for risk assets, including cryptocurrencies.include large-scale fiscal and monetary stimulus announcements.
China faces several issues ranging from weak consumer spending after an early boost following the reversal of covid lockdown measures, deepening deflation in factory-gate prices, and housing and real estate problems. As such, markets have been expecting a strong monetary or fiscal response from Beijing.
Bitcoin, often considered a pure play on fiat liquidity and the riskiest of the risk assets, likely fell on the back of China's growth concerns and the absence of major stimulus hints.
“Bitcoin is beating a slow retreat at the moment as the price continues to trend down from recent highs," said Simon Peters, markets analyst at digital brokerage platform eToro."Although market dynamic in summer months can tend toward volatility with lower trading flows, the recent period has been remarkably calm for top crypto assets in the market.”Updates prices, adds price action of smaller tokens and adds analyst comments.
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