The gradual decline in the price of digital currencies since the release of the disappointing meta-report



Bitcoin and Atrium collapsed after Meta, a former Facebook company, announced that its virtual reality (VR) and augmented reality (AR) divisions had lost more than $ 10 billion last year.

According to the Quin Desk, digital currencies, including bitcoin, experienced relatively strong sales pressure late in US trading hours on Wednesday, and their prices have stopped rising over the past two days.

The price of digital currencies fell late Wednesday after a report was published on the former Meta Platform or Facebook. The report says Meta had a disappointing performance in the fourth quarter of last year and will not perform well in the first quarter of this year. Shares of Meta also fell more than 18 percent in trading on Wednesday.

At the time of writing, bitcoin has fallen 4.5 percent from the previous day to $ 37,031. Atrium traded 3.8% at $ 2,690 over the same period.

According to data collected on Wednesday, the volume of bitcoin transactions in major centralized exchanges continued to decline.

The gradual decline in the price of digital currencies since the release of the disappointing meta-report
Volume of bitcoin trading in centralized exchanges over time

The Altcoins also left behind Bloody Wednesday. At the time of writing, decentralized financial tokens (DEFI) were the most affected market. These digital currencies include loopring, curve and solana.

Atrium fell more than bitcoin after news of the potential misappropriation of more than 120,000 Atriums worth $ 326 million on the Wormhole cross bridge. The bridge, which began connecting Solana and several other major networks, is now trying to negotiate with the hacker in the chain.

technical analysis

As the chart below shows, Bitcoin faces a $ 38,000 resistance barrier and is encouraged by its $ 35,000 support.

The gradual decline in the price of digital currencies since the release of the disappointing meta-report
Bitcoin price chart (4-hour view of the bitcoin / tetra market) with resistance levels

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 decreasing, which means that the price decline may continue for another day. At the time of writing, bitcoin is priced at about $ 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.

Read also: How to use a simple moving average and exponential for trading?

The price of bitcoin has been on a downward trend since November and stabilized in the channel from 35,000 to 38,000 dollars last week. To reverse this downward trend, buyers will have to push the price above $ 40,000.

The publication The gradual decline in the price of digital currencies after the release of the disappointing meta-report first appeared for the digital currency.

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