Investing.com – Bitcoin retreated sharply Monday swinging from a near-session high of $10,000 to under $9,000 as investors fled cryptocurrencies amid renewed selling pressure.
On the bitfinex exchange, Bitcoin fell 5.49% to $8,921.2.
The move lower comes after bitcoin’s rally over the weekend extended into the early part of Monday’s session, lifting the cryptocurrency to a session high of $9,900 on the bitfinex exchanged. Prior to the move higher traders warned that if bitcoin failed to garner demand at current levels then “the February lows [around $6,000] would in the cross-hairs.
Cryptocurrency demand has remained subdued, however, as the total cryptomarket cap fell to about $365 billion – at the time of writing – down from $374 billion last week, and close to levels last seen when bitcoin fell to $6,000.
In the wake of growing calls for regulation, investor sentiment on bitcoin has remained largely negative as the popular cryptocurrency’s flailing attempts to mount a sustainable advance above $12,000 has been met with staunch resistance.
Bitcoin rose to a high of $11,696 last week before retreating sharply following a raft of negative headlines including the Securities and Exchange Commission (SEC) vowing to take a closer look at crypto-trading platforms offering exchange-like services who failed to register with the regulator.
Some also cited traders possibly readjusted their bitcoin positions ahead of the Chicago Board of Exchange, or Cboe, expiration of bitcoin futures on Wednesday, as an additional factor contributing to downside momentum in bitcoin.
Sentiment in the wider cryptomarket continues to be largely driven by swings in bitcoin as broad-based selling was seen across cryptos.
Ripple XRP fell 6.17% to $0.7755 on the poloniex exchange, while Ethereum 3.96% to $692.63.