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Crypto markets plunge as Euro trading hours start, Bitcoin loses support at $22,000 Crypto markets plunge as Euro trading hours start, Bitcoin loses support at $22,000

Crypto markets plunge as Euro trading hours start, Bitcoin loses support at $22,000

Crypto markets sell-off amid unknown factors at this time.

Crypto markets plunge as Euro trading hours start, Bitcoin loses support at $22,000

Cover art/illustration via CryptoSlate

Cryptocurrencies fell sharply during the start of Euro trading hours, with the total crypto market cap losing 3% to bottom at $1.049 trillion.

Bitcoin fell 6% to the downside, losing $22,000 in the process. The swing dropped as low as $21,400, marking a three-week low for the market leader. A slight rally followed, with BTC priced at briefly regaining $22,000.

The Relative Strength Index (RSI) plunged to 38.53, a level not seen since July 12. At writing, further sell pressure is mounting, with an imminent retest of $21,400 support looking likely.

Bitcoin daily chart
Source: BTCUSD on TradingView.com

No new fundamental developments have transpired during this time, making the reason for the drop unclear.

Posted In: , Analysis