Bitcoin bears are stalking crypto prices “” here’s how low they could go

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