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Stocks fell on Monday, as a risk-off appetite prevailed in markets, fuelled by global recession concerns. Cryptocurrencies also slipped on Monday on diminishing risk appetite. Increased risk aversion favored the safe-haven dollar, putting pressure on stock markets and crypto markets.
An increasing number of Central Banks are tightening their monetary policy to combat soaring inflation. Successive rate hikes and tighter fiscal policies give rise to global recession concerns.
This week, many market analysts predict that crypto markets will exhibit high volatility. Cryptocurrencies are vulnerable at the moment, as a bear market has prevailed for months. The eagerly-awaited US inflation CPI data later in the week may spark high volatility.
Bitcoin price continued trading below the key $20,000 level on Monday, dropping to $19,200. If BTC declines support can be found at $18,500 and further down at $17,600, while resistance may be encountered near $19,700.
Bitcoin has been in a bear market almost continuously since last November, with its price registering a steep drop from an all-time high of over $68,000 in November 2021, to below $20,000 this month. Bitcoin ended the month with 3% losses.
Ethereum also slipped on Monday, falling to the $1,300 level. If Ethereum's price declines, it may encounter support at $1,255 and further down at the psychological level of $1,000. If Ethereum's price increases, resistance may be encountered near $1,407.
BTC/USD 1h Chart
ETH/USD 1h Chart
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