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Bitcoin futures are extending losses today as the sell-off from recent highs around the 31110 level continues to build. The crypto sector has been hit with negative news flow this week which has rocked investor sentiment. News of processing issues at Binance, the largest crypto exchange, has struck a sour note with crypto traders on the back of a string of recent exchange collapses. Following the failure of FTX, Bittrex this week became the second largest crypto exchange to collapse, filing a bankruptcy notice on Monday.
 

Negative News Hurting Sentiment 

With fears for the stability of the crypto sector once again dominating news flow, traders have been seen moving capital out of crypto and into safe assets. Prior to this recent period, the crypto outlook had improved sharply on falling Fed rate hike expectations. With the Fed now widely expected to halt tightening next month, there is room for crypto to rebound once traders get passed recent news. However, with the risk of further failures and issues within the sector, near-term risks look pointed to the downside.
 

Technical Views

BTC

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The sell-off in BTC has seen the market breaking down through the contracting triangle lows and below the 27415 level support. With momentum studies turned heavily bearish, the focus is on a continuation lower while the price holds below this level with 24930 the next support area to note. 

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