BTC’s price dropped to the lowest in over a year because of investors being unwilling to support risky assets.

The world’s number one cryptocurrency slipped 4.2% to hit the low of $38,580 on Monday, while (ETH) lost 4.7%, dropping to $2,902.

CoinGecko reports that the crypto market has lost 4% and fell to $1.9 Trillion in just two hours.

However, Bitcoin’s technical charts indicate that the cryptocurrency is “not close to an oversold reading”, with near-term support at $35,000 unlikely to hold, according to 22V Research analyst John Roque.

“We continue to believe that it will get to the $30,000 level,” Roque added.

The bear pennant pattern, which points towards a rise to $31,000, has been activated by Bitcoin prices. This bearish chart formation was activated by the breaking of the triangle consolidation pattern at $40,000

Bitcoin fluctuated between $35,000 and $45,000 over the last few months. This is in contrast to other assets that have been struggling after the U.S. central banks increased interest rates to reduce inflation.

Blockchain data and intelligence provider Glassnode said that investors’ interest in Bitcoin has been quiet, with very little growth in the cryptocurrency’s user base and minimal rise in demand.

By Senad Karaahmetovic