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Bitcoin (BTC) lost 0.68% of its value on Monday. On Sunday, BTC lost 0.24% and finished the day at $30,334. Significantly, BTC extended its three-session losing run.

BTC sank to an early low of $29,983 following a gloomy start to the day. BTC surpassed the First Major Support Level (S1) at $30,205 before climbing to a peak of $30,743 in the early afternoon. When BTC couldn't reach the First Major Resistance Level (R1) at $30,999, it dropped back down below that level and into the negative territory.

Growth in China and Binance In the Red: Left BTC and the Larger Market

On the US economic calendar, the beginning of the week was quite calm. There were no noteworthy US economic indicators on Monday. The crypto news wires were left to turn the dial in the absence of stats.

Investor sentiment soured after the upbeat reaction to the potential for an influx of sticky institutional capital because of worries about China's economic expansion. China's GDP growth for 2023 was downgraded by S&P Global on Monday from 5.5% to 5.2%. Although the revision increased the likelihood that Beijing will implement a stimulus plan, the Chinese government has yet to calm the markets.

The gloomy mood was exacerbated by the Binance announcement. Judge Amy Berman Jackson, who is presiding, rejected the defendants' motion on Monday to stop the SEC from making false public claims about the case.

The Binance team, which sought to prevent the SEC from making public pronouncements, received terrible news.

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