Bitcoin prices traded lower on Monday, falling more than 2% and trading to their lowest level in two weeks.
In Monday trade, a single bitcoin BTCUSD, -2.27% was fetching $3,702.80, down 2.2% since Sunday’s level at 5 p.m. on the Kraken exchange.
What are analysts saying
Crypto analyst Willy Woo noted that narrow ranges in positioning, as measured by long plus short positions on the Bitfinex exchange, have reached levels not seen early 2018, and historically they have been followed by continuation moves. Given that we are in a bear market, further declines could be on the horizon, he said.
