Market Wrap: Cryptocurrency Sell-Off Pauses as Sentiment Turns Bearish

Market Wrap: Cryptocurrency Sell-Off Pauses as Sentiment Turns Bearish
Cryptocurrencies were mostly lower on Monday, although market conditions have stabilized following the weekend sell-off. Bitcoin was trading above its 200-day moving average (currently at $46,386), which suggests selling pressure could wane over the short term.Analysts pointed out that excess leverage in the bitcoin futures market contributed to the broad sell-off. And despite room for a short-term price bounce, some analysts remain cautious about bitcoin’s price direction over the next few weeks.“The previous two times that BTC challenged the 200-day moving average served as good buying opportunities, as the market remained structurally bullish but was simply over-leveraged.” Sean Farrell, a…