Bitcoin on the backfoot

Bitcoin started off the week on the backfoot after a recovery over the weekend proved fleeting.

The largest cryptocurrency dropped as much as 6.3% Monday and was trading at $33,656 as of 3:15 p.m. in London.

Strategists have cautioned that a break below the key $30,000 level could spell trouble, while a move toward or above $40,000 is seen as heralding further gains.

Bitcoin has lost almost 50% from its mid-April high amid questions about its energy consumption sparked by Tesla Inc.’s Elon Musk, as well as a clampdown from China. Even so, its value has nearly quadrupled in value over the past year.

Exuberant rallies and quick drawdowns are not uncommon for Bitcoin and other cryptocurrencies. A study of recent ups and downs suggests another crypto slump is approaching, with prices trending lower or stagnating.

Now read: South Africa’s Bitcoin brothers “stole from the wrong guy”

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Bitcoin on the backfoot