Bitcoin (BTC) plunged to below $38,000 on Monday, giving up all the gains it had made last week, which saw BTC/USD rally over $45,000.
The losses appeared primarily in part due to selloffs across the risk-on markets, led by the 18% rise in international oil benchmark Brent crude to almost $139 per barrel early Monday, its highest level since 2008.
BTC/USD weekly price chart featuring its correlation with Nasdaq and Gold. Source: TradingViewBTC/USD weekly price chart featuring bear markets within technical patterns. Source: TradingView Bitcoin addresses with balance greater than 1K BTC. Source: CoinMetrics, MessariBTC exchange flow balance. Source: SantimentBTC exchange reserve. Source: CryptoQuant
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