Bitcoin drops below $26,000

After the previous week’s slide, some crypto experts are forecasting further losses

Bitcoin dropped Wednesday to trade below $26,000. Ether also declined to near the $1,600 support level as all other top non-stablecoin crypto currencies traded flat to lower. Solana’s SOL led the losers.

Bitcoin slipped 0.71 per cent during the past 24 hours to $25,946.61 and shed 11.05 per cent for the week, according to CoinMarketCap data. The token has been trading near the $26,000 mark this week after a near 10 per cent decline last Friday. But it hit a 24-hour low of $25,520.73 on early Wednesday morning.

Following the previous week’s slide, some crypto experts are forecasting further losses. Social media commentator Ali Martinez put the token’s new key support level at $25,400. Keith Alan, co-founder of analytics firm Material Indicators, put it at $25,000. Both Martinez and Alan said losing the key support level could lead the token to a new low in the $20,000 range.

Bitcoin prices dropping below a $25,000 support level could be considered a bearish indicator, from a technical perspective, as it may signal a general upturn reversal, stated Wade Guenther, partner at U.S.-based asset management company Wilshire Phoenix.

On the regulatory front, investors await a verdict in the lawsuit between Grayscale Investments and the U.S. SEC. Grayscale has sought permission from the regulator to convert its Bitcoin trust product (GBTC) to a spot Bitcoin ETF. However, the decision was delayed twice last week.

Like Bitcoin, Ether posted losses. It dropped 2.20 per cent to $1,631.18 for a 10.75 per cent drop over the past seven days.

Most other leading non-stablecoin crypto currencies traded lower over the past 24 hours. The exceptions included Tron’s TRX, which logged a gain of 0.20 per cent. Solana’s SOL token led the losers, declining 3.35 per cent to $20.54 and 13.78 per cent for the week.