Bitcoin (BTC) is in pullback mode after a choppy weekend. The cryptocurrency could find support around $43K, which should stabilize the down move. Momentum signals turned negative on the daily chart, similar to what occurred during the first week of February and March.Read MoreFeedzy
Bitcoin (BTC) dipped below $46,000 on Monday, indicating a loss of upside momentum.
Price action was choppy over the weekend after buyers failed to approach the $48,000 resistance level. That points to continued price weakness, especially as momentum signals on the daily chart turned negative, similar to what occurred during the first week of February and March.
Support at $43,000 could stabilize the pullback, which is near the March 25 breakout level. Still, BTC will need to break above the 200-day moving average, currently at $48,286, in order to yield upside targets beyond the $50,966 resistance level.
For now, momentum signals remain positive on the weekly chart, which means downside could be limited.
BTC was trading around $45,200 at press time and is down 2% over the past 24 hours.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
The Bitcoin’s behavior around US Federal Reserve announcements has become one of the most consistent…
Bitcoin Magazine Bitcoin Falls Below $90,000 As Vanguard Exec Struggles With Bitcoin Value The bitcoin…
Bitcoin Magazine Why Trump Should Pardon The Developers of Bitcoins Non Custodial Samourai Wallet On…
Crypto markets saw a modest lift after the US Federal Reserve made another move on…
Bitcoin Magazine Sangha Renewables Energizes 20 MW Bitcoin Mining Facility in West Texas Sangha Renewables…
Chipmaker Broadcom's 10% slide weighs on the market as Chicago Fed's Goolsbee signals more cuts…