Bitcoin is at a low over the month as the risk aversion intensifies

The price of Bitcoin fell to its lowest level in more than a month today, as digital assets generally come under pressure against the risk aversion shown by investors, combined with the absence of a catalyst for the market.

In particular, the largest cryptocurrency in capitalization fell today to $ 38,580 (-4.2%), although it has now reduced losses to -2.8% with its price standing at $ 39,328.

Similarly, the second largest digital asset, Ethereum, fell 4.75% and traded at $ 2,923 while at the day low it had reached $ 2,885.

Overall, the overall capitalization of the cryptocurrency market has lost 4% in the last 24 hours, falling to $ 1.9 trillion, according to CoinGecko.

Even greater liquidations are presented in Altcoins, where, among others, Bitcoin Cash, EOS and Ethereum Classic today recorded a drop of more than 6% each.

“We have seen cryptocurrencies weaken, largely in line with sell-offs in stocks and other higher-risk assets,” Joshua Lim, head of derivatives at Genesis Global Trading, told Bloomberg.

“Traditional finance investors are still risk averse, while cryptocurrency holders are expecting some sign of new interest from major Bitcoin buyers, such as MicroStrategy and the Luna Foundation Guard, which is building a position in Bitcoin to support blockchain Terra and its stablecoin “, he adds.

On a technical level, according to analyst John Roque of 22V Research, the Bitcoin chart suggests that despite recent losses, “it is not close to a sell-off” and short-term support at $ 35,000 is unlikely to hold.

As he wrote in his note yesterday, “we continue to believe that it will fall to the level of $ 30,000.”