Bitcoin took another leg lower Monday after China ramped up its crackdown on crypto mining. Bitcoin mines in Sichuan shut down over the weekend with authorities worried about the environmental impact of cryptocurrency.
Bitcoin tumbled 8%, trading at roughly $32,490. At the day’s worst, it fell to a two-week low, under $32,000.
Ari Wald, head of technical analysis at Oppenheimer, says its downswing has caused damage to the charts. He pinpoints a drop below its 200-day moving average as particularly damaging to the technical setup.