Summary
TLDR: Bitcoin markets started to slide due to profit-taking and levered bets on higher prices. Overall capitalization dropped over 15% in the past week, with traders seeing signs of a technical downtrend indicating further losses.
Key Points
1. Markets started to slide in early Asian hours amid profit-taking from last week’s rally and a flush of levered bets on higher prices.
2. Overall capitalization dropped over 15% in the past week, with some traders stating that bitcoin showed signs of a technical downtrend.
3. This indicated further losses in the offing.