Bitcoin’s recovery rally stalls as traders turn focus to $45,000

Bitcoin’s recovery rally stalls as traders turn focus to $45,000

Bitcoin is in jeopardy of snapping its longest winning streak in more than four months as traders question whether the bounce-back from recent lows was too fast, too soon. The world’s largest digital currency by market value lost as much as 2.1 per cent on Tuesday to trade at $43,178 before turning mostly little changed. Other tokens also declined, with an index of 100 coins dropping 2.3 per cent at one point. That follows a big start to the week, which had seen Bitcoin crossing above $44,000. “Today’s pullback is due to some profit-taking after a big move,” said Matt Maley, chief market strategist at Miller Tabak + Co. “Bitcoin had rallied about 38 per cent on an intraday basis in less than two weeks, so I think it’s just a matter of traders taking some short-term profits.” Bitcoin has moved above its trend-line from its November highs, so it has plenty of room to take a breather over the near-term without disrupting its recent advance, he added. Analysts have noted that cryptocurrencies have lately been moving in tandem with other riskier assets, including US stocks – and that relationship was apparent in January, when both asset classes saw a