Bitcoin bears are stalking crypto prices “” here’s how low they could go
- Date: 21-Apr-2021
- Source: CNBC
- Sector:Financial Markets
- Country:Middle East
Bitcoin bears are stalking crypto prices “” here’s how low they could go
Bitcoin is setting up for a near-term downturn that could see it shed a good chunk of its recent gains, even if the longer-term outlook appears healthy for the world's No. 1 crypto.
That's the view of a number of analysts after bitcoin prices
BTCUSD, -1.07%
breached a key technical level following the exuberance for digital assets in the wake of Coinbase Global's
COIN, +1.57%
listing on the Nasdaq last week.
Bitcoin was off 1.8% late-morning Wednesday in New York, changing hands at around $56,000 on CoinDesk. That puts the crypto about 14% below its all-time peak at $64,829.14.
On Tuesday, researchers at Bespoke Investment Group noted that Tuesday marked bitcoin's first time, in a 24-hour period, in which it fell below its 50-day moving average since at least 2014, after recording 193 straight days of prints above that level. Bitcoin was first created back in 2008-09.
Market technicians use moving averages as barometers of bullish and bearish trends in an asset.
Pankaj Balani, CEO of Delta Exchange, in emailed comments, said that bitcoin has managed to