The gradual decline in the price of digital currencies after the release of the disappointing meta report
Bitcoin and Atrium fell in price after Meta, formerly Facebook, announced that its virtual reality (VR) and augmented reality (AR) divisions had lost more than $ 10 billion last year. .
To Report Digital currencies, including bitcoin, experienced relatively strong selling pressure late in the US trading hours on Wednesday, and their price growth has stalled in the past two days.
The price of digital currencies fell late Wednesday after the release of a report by the former Meta Platform, or Facebook. The report said that Meta had a disappointing performance in the fourth quarter of last year and will not perform well in the first quarter of this year. Meta’s shares also fell more than 18 percent in trading on Wednesday.
At the time of writing, Bitcoin was down 4.5 percent from the previous day at $ 37,031. Atrium traded down 3.8 percent at $ 2,690 during the same period.
According to the data collected, on Wednesday, the volume of bitcoin transactions in the main centralized exchanges continued to decline.
The Altcoins also had a bloody Wednesday. At the time of writing, Decentralized Finance Tokens (DEFI) were the market most affected. These digital currencies include loopring, curve and solana.
Atrium fell further than Bitcoin after the news of the potential misappropriation of more than 120,000 Atriums valued at $ 326 million at the Wormhole cross-chain bridge. The bridge, which was started to connect Solana and several other large networks, is now trying to negotiate with the hacker on-chain.
technical analysis
As the chart below shows, Bitcoin is facing a $ 38,000 resistance barrier and is encouraged by its $ 35,000 support.
Bitcoin failed to maintain its recent uptrend and could not stay above the $ 38,000 price level. Although traders will be able to keep the price above $ 35,000, the momentum in the daily charts is fading, which means that the price decline may continue for another day. At the time of writing, Bitcoin is priced at around $ 37,000.
On Tuesday, before the current price drop, the relative strength index (RSI) in the daily chart was too close to the buying range. In addition, the 100-day moving average on the four-hour chart is currently showing resistance at $ 38,220.
Also read: How to use a simple moving average and exponential for trading?
The price of bitcoin has been on a downward trend since November (November) and last week it stabilized at $ 35,000 to $ 38,000. To reverse this downtrend, buyers will have to push the price above the $ 40,000 level.