#Bitcoin gained 11.5% last week to close at $24.5K. The price stabilised near this level at the start of the new week. The cryptocurrency's market capitalisation rose 9.3% last week to $1.12 trillion.
Almost all of the growth came in the first half of the week, with smaller gains in the final days.
Sunday saw a fresh attempt to push BTCUSD above $25K. However, the bulls failed to form a nice weekly candle to close above a significant level, leaving the rate below the 200-week average and touching the 50-week. Buyers may be more cautious in the coming days as a death cross formed on the weekly timeframes last week, although it should not be taken as a sell signal.
#Ethereum grew 9.5% to $1680. Other leading altcoins in the top 10 gained between 1.2% (#XRP) and 16.7% (#Polygon). The exception was #BNB (-2.3%).
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Almost all of the growth came in the first half of the week, with smaller gains in the final days.
Sunday saw a fresh attempt to push BTCUSD above $25K. However, the bulls failed to form a nice weekly candle to close above a significant level, leaving the rate below the 200-week average and touching the 50-week. Buyers may be more cautious in the coming days as a death cross formed on the weekly timeframes last week, although it should not be taken as a sell signal.
#Ethereum grew 9.5% to $1680. Other leading altcoins in the top 10 gained between 1.2% (#XRP) and 16.7% (#Polygon). The exception was #BNB (-2.3%).
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#Bitcoin is down 2.6% in the last 24 hours to $27K. The crypto market's total capitalisation fell 1.9% to 1.14 trillion. The decline was triggered by the CFTC's surprise lawsuit against Binance. According to the agency, the platform violated derivatives trading rules by operating without proper registration.
Its issued coin, #BNB, lost more than 5% overnight.
According to CoinShares, investments in cryptocurrencies rose last week for the first time after six weeks of decline, amounting to $160 million - the highest in the previous eight months. Investments in Bitcoin increased by $128m, while #Ethereum decreased by $5m due to investor concerns about the traditional financial sector (TradFi), suggest Coinshares.
As with FTX, it is difficult to question the viability of Bitcoin or Ethereum. However, investors should ask themselves again: Are my funds safe? If banks are a risk, crypto exchanges are an even more significant risk. But is cash and crypto so risky in cold wallets?
Its issued coin, #BNB, lost more than 5% overnight.
According to CoinShares, investments in cryptocurrencies rose last week for the first time after six weeks of decline, amounting to $160 million - the highest in the previous eight months. Investments in Bitcoin increased by $128m, while #Ethereum decreased by $5m due to investor concerns about the traditional financial sector (TradFi), suggest Coinshares.
As with FTX, it is difficult to question the viability of Bitcoin or Ethereum. However, investors should ask themselves again: Are my funds safe? If banks are a risk, crypto exchanges are an even more significant risk. But is cash and crypto so risky in cold wallets?
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The crypto market hit a sell-off on Monday night, losing 3.8% in the last 24 hours.
#Bitcoin is losing 4% to 25.7 over this period; #Ethereum is losing 3% to $1814, with top altcoins losing between 3.7% (#Tron) and 7.9% (#BNB).
The sharp move down has pushed Bitcoin's price below its 200-week average ($26.3K). And now all the attention of position traders is focused on whether the price returns to territory above that line before the end of the week. If not, we should be prepared for a big sell-off down to $22K. This is the main working scenario, given the series of lower highs and lower lows over the past two months.
An alternative and less likely scenario would be a reversal to the upside after a brief dip below the 200-week average. This dynamic could assert that big players are gaining on Bitcoin at this level, suggesting considerable upside potential.
According to CoinShares, investments in cryptocurrencies fell by $62M last week, the 7th week of outflow.
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#Bitcoin is losing 4% to 25.7 over this period; #Ethereum is losing 3% to $1814, with top altcoins losing between 3.7% (#Tron) and 7.9% (#BNB).
The sharp move down has pushed Bitcoin's price below its 200-week average ($26.3K). And now all the attention of position traders is focused on whether the price returns to territory above that line before the end of the week. If not, we should be prepared for a big sell-off down to $22K. This is the main working scenario, given the series of lower highs and lower lows over the past two months.
An alternative and less likely scenario would be a reversal to the upside after a brief dip below the 200-week average. This dynamic could assert that big players are gaining on Bitcoin at this level, suggesting considerable upside potential.
According to CoinShares, investments in cryptocurrencies fell by $62M last week, the 7th week of outflow.
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According to CoinMarketCap, the total capitalisation of the crypto market fell 7.6% over the week to $1.06 trillion, close to lows not seen since almost mid-March. Adding to the market's nervousness was a sharp sell-off in altcoins.
The biggest demand in such a market is for USDT, as Tether decided to print an additional 1 billion.
#Bitcoin once again briefly acted as a safe haven, temporarily enjoying an influx of buyers as one of the most liquid assets in the sector. At the same time, the technical picture remains bearish. Bitcoin closed the week below its 200-week moving average, which last time out resulted in a 20-week downtrend.
On the daily timeframe, there is little to cheer about as the decline remains within the bearish corridor. However, the final victory of the bears can only be seen in the case of a fix below $25,000, from which BTCUSD bounced over the weekend.
#Ethereum lost 6.5% to $1750. Other leading altcoins from the top 10 lost from 3% (#XRP) to 28% (#Solana) and 22% (#BNB).
The biggest demand in such a market is for USDT, as Tether decided to print an additional 1 billion.
#Bitcoin once again briefly acted as a safe haven, temporarily enjoying an influx of buyers as one of the most liquid assets in the sector. At the same time, the technical picture remains bearish. Bitcoin closed the week below its 200-week moving average, which last time out resulted in a 20-week downtrend.
On the daily timeframe, there is little to cheer about as the decline remains within the bearish corridor. However, the final victory of the bears can only be seen in the case of a fix below $25,000, from which BTCUSD bounced over the weekend.
#Ethereum lost 6.5% to $1750. Other leading altcoins from the top 10 lost from 3% (#XRP) to 28% (#Solana) and 22% (#BNB).
The crypto market cap rose 1% in 24 hours to $1.06 trillion. Bitcoin adds 1%, while #Ethereum just 0.4%. Meanwhile, the top altcoins try to recover some losses, adding between 0.2% (#Cardano) and 4% (#BNB). The cryptocurrency Fear & Greed Index is in the Fear territory at 45 (-2 points overnight), whereas the Fear & Greed index for the stock market is at 79 (extreme greed).
#Bitcoin is struggling for a third day to hold above $26K. This struggle away from meaningful technical levels shows how heavy the crypto market is right now, despite optimism in equities and a slightly decreased USD rate. Technically, to break the downtrend, Bitcoin needs to overcome $27K, and a drop below $26.5K is required to confirm the downtrend. The second scenario seems more likely.
According to CoinShares, investments in crypto funds fell by $88 million last week, the most in three months and the eighth consecutive week of outflows. Bitcoin fell by $52 million and Ethereum by $36 million.
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#Bitcoin is struggling for a third day to hold above $26K. This struggle away from meaningful technical levels shows how heavy the crypto market is right now, despite optimism in equities and a slightly decreased USD rate. Technically, to break the downtrend, Bitcoin needs to overcome $27K, and a drop below $26.5K is required to confirm the downtrend. The second scenario seems more likely.
According to CoinShares, investments in crypto funds fell by $88 million last week, the most in three months and the eighth consecutive week of outflows. Bitcoin fell by $52 million and Ethereum by $36 million.
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A heavy Bitcoin as a warning before the FOMC?
The crypto market cap fell 0.5% over the past 24h to $1.055 trillion. The recovery momentum was broken with the release of the US CPI, although other markets quickly reversed the initial move.
#Bitcoin lost 1% to $25.8K, and #Ethereum lost 0.5% to $1740. #BNB was going up against the market, adding 5.8%, while #XRP is losing 3.5%, having stumbled on profit-taking after rising.
The dynamics of Bitcoin are pulling the crypto market down faster than other assets, which could manifest as reduced demand in the most risk-sensitive part of the market spectre before the FOMC decision.
An uptrend was built through the local lows of the last four days in BTCUSD. But Bitcoin's attempts to accelerate gains the night before were met with a sell-off on the approach to $26.4K, the area of the previous consolidation. The Bears may have the upper hand right now. If so, the declines might accelerate to $25.7K, directly leading to $24.8K.
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The crypto market cap fell 0.5% over the past 24h to $1.055 trillion. The recovery momentum was broken with the release of the US CPI, although other markets quickly reversed the initial move.
#Bitcoin lost 1% to $25.8K, and #Ethereum lost 0.5% to $1740. #BNB was going up against the market, adding 5.8%, while #XRP is losing 3.5%, having stumbled on profit-taking after rising.
The dynamics of Bitcoin are pulling the crypto market down faster than other assets, which could manifest as reduced demand in the most risk-sensitive part of the market spectre before the FOMC decision.
An uptrend was built through the local lows of the last four days in BTCUSD. But Bitcoin's attempts to accelerate gains the night before were met with a sell-off on the approach to $26.4K, the area of the previous consolidation. The Bears may have the upper hand right now. If so, the declines might accelerate to $25.7K, directly leading to $24.8K.
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The crypto market cap rose 1.75% over the past 24 hours to $1.19 trillion, outperforming Bitcoin and Ethereum’s 1.5% growth over the same period. Among the top altcoins, #Solana (+5.7%), #BNB (+6%) and #Polygon (+9.4%) are outperforming the market. #Tron (-0.2%) and #Dogecoin (+1.2%) underperform the market.
According to CoinShares, investments in crypto funds rose by $136 million last week, marking the third consecutive week of inflows totalling $470 million.
However, trading volumes slowed to $1 billion for the week, compared to an average of $2.5 billion in the previous two weeks, CoinShares noted.
#Ethereum reversed to the upside at the end of last week, pulling back from its 50-day moving average. This is the second such reversal in the past two weeks, suggesting that the market is looking to reassert the dominance of the uptrend. If this proves to be the case, Ethereum is headed for a renewal of local highs near $1960 from the current $1880.
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According to CoinShares, investments in crypto funds rose by $136 million last week, marking the third consecutive week of inflows totalling $470 million.
However, trading volumes slowed to $1 billion for the week, compared to an average of $2.5 billion in the previous two weeks, CoinShares noted.
#Ethereum reversed to the upside at the end of last week, pulling back from its 50-day moving average. This is the second such reversal in the past two weeks, suggesting that the market is looking to reassert the dominance of the uptrend. If this proves to be the case, Ethereum is headed for a renewal of local highs near $1960 from the current $1880.
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The crypto market continues to climb, rising 3.4% in the last 24 hours to $1.38 trillion. Bitcoin was again the driver, adding 3.8%. Altcoins are moving slower but up, adding between 1.7% (#BNB) and 7.7% (#Polygon).
#Bitcoin has broken out of a long consolidation range and is approaching the next round level of $37K. The technical implementation of this pattern suggests a rise to $41-45K, depending on which point we choose as the start of the last impulse. The upper limit looks like a suitable target with a pivot point close to it. Near it, in April 2022, the corrective rebound ended, and the most relentless phase of the sell-off began.
Despite Bitcoin's strong recovery since the beginning of the year, the supply of coins is extremely limited due to the actions of hoarders. Many metrics that characterise "bitcoin inactivity" have reached historic highs, Glassnode noted.
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#Bitcoin has broken out of a long consolidation range and is approaching the next round level of $37K. The technical implementation of this pattern suggests a rise to $41-45K, depending on which point we choose as the start of the last impulse. The upper limit looks like a suitable target with a pivot point close to it. Near it, in April 2022, the corrective rebound ended, and the most relentless phase of the sell-off began.
Despite Bitcoin's strong recovery since the beginning of the year, the supply of coins is extremely limited due to the actions of hoarders. Many metrics that characterise "bitcoin inactivity" have reached historic highs, Glassnode noted.
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The #crypto market is up 1.7% from 24 hours ago, with Bitcoin stuck between $51.5K and $52.5K. Buying interest has focused on the major altcoins such as #BNB (+3.6%), #XRP (+3.5%) and #Cardano (+4%), which were lagging the day before, but they are just trying to keep up with Bitcoin's rise. In our opinion, altcoins' time will come when the first cryptocurrency has reached its historic highs and looks too expensive. But it could be another year before that happens.
Moreover, history suggests the market will pick new altcoins with each new growth cycle. The stars of the past era don't always manage to rewrite their all-time highs, so there's no rush to pick altcoins at this stage of the cycle.
As a result of another recalculation, the difficulty of mining the first cryptocurrency increased by 8.24%. The indicator updated the historical maximum at 81.7 T. The average hashrate for the period since the previous change in value was 583.92 EH/s.
Moreover, history suggests the market will pick new altcoins with each new growth cycle. The stars of the past era don't always manage to rewrite their all-time highs, so there's no rush to pick altcoins at this stage of the cycle.
As a result of another recalculation, the difficulty of mining the first cryptocurrency increased by 8.24%. The indicator updated the historical maximum at 81.7 T. The average hashrate for the period since the previous change in value was 583.92 EH/s.
The crypto market cap reached $1.99 trillion, according to CoinMarketCap, an increase of over 10% in one week. Forbes estimates that the $2 trillion mark was reached last week. Over the last 24 hours, Bitcoin gained 1.4%, overtaken by Ethereum (+4.4%) and #Solana (+3.5%). #BNB (-0.6%) and #XRP (+0.9%) could not keep up with the current market.
#Bitcoin is approaching $52.5K, having quickly found buyers after Saturday's drawdown, bringing the price back to the range highs of the last five days. Technically, bitcoin has no meaningful resistance levels until the area approaches $64K.
#Ethereum is also trading in weak resistance territory after breaching the $2900 level. In April 2022, it plunged from levels near $3500 to $2000, with a complete capitulation at levels below $900. A recovery from $2000 to $3500 could be just as quick. This level is also close to 161.8% of the October to early December rally, which is a Fibonacci pattern.
#Bitcoin is approaching $52.5K, having quickly found buyers after Saturday's drawdown, bringing the price back to the range highs of the last five days. Technically, bitcoin has no meaningful resistance levels until the area approaches $64K.
#Ethereum is also trading in weak resistance territory after breaching the $2900 level. In April 2022, it plunged from levels near $3500 to $2000, with a complete capitulation at levels below $900. A recovery from $2000 to $3500 could be just as quick. This level is also close to 161.8% of the October to early December rally, which is a Fibonacci pattern.
The #crypto market has corrected 0.46% in the last 24 hours, fluctuating within a narrow range without a clear direction. Bitcoin is down 1% but up 3.7% over seven days, Ethereum is flat for the day but up 10.6% over the week. The top coins are mixed with #BNB +2% and #Solana -2.5%.
#Bitcoin is currently drawing its fourth daily candle with opening and closing levels close to each other. Such sideways consolidations are characteristic of strong bull markets, as opposed to corrective pullbacks on smoother rallies.
#Ethereum hit local highs on rumours of a positive regulatory decision before the end of March. Bloomberg analyst James Seyffarth bet 4 ETH that the SEC will not approve a spot Ethereum ETF next month.
According to data from CoinShares, investment in crypto funds rose by a record $2.452 billion last week, following inflows of $1.116 billion the previous week. Bitcoin investments increased by $2.424 billion, Ethereum by $21 million, #Cardano lost $6 million, and Solana lost $1.6 million.
Since the beginning of the year, crypto funds have seen inflows of an impressive $5.2 billion, with total AUM rising to $67 billion, the highest since December 2021.
#Bitcoin is currently drawing its fourth daily candle with opening and closing levels close to each other. Such sideways consolidations are characteristic of strong bull markets, as opposed to corrective pullbacks on smoother rallies.
#Ethereum hit local highs on rumours of a positive regulatory decision before the end of March. Bloomberg analyst James Seyffarth bet 4 ETH that the SEC will not approve a spot Ethereum ETF next month.
According to data from CoinShares, investment in crypto funds rose by a record $2.452 billion last week, following inflows of $1.116 billion the previous week. Bitcoin investments increased by $2.424 billion, Ethereum by $21 million, #Cardano lost $6 million, and Solana lost $1.6 million.
Since the beginning of the year, crypto funds have seen inflows of an impressive $5.2 billion, with total AUM rising to $67 billion, the highest since December 2021.
The crypto market settles at a $2 trillion cap level, up 0.8% on the day. Altcoins are once again driving growth, while the first coin is flat, losing 0.5% in 24 hours, and Ethereum is up 2.5%. #BNB adds just under 2%, enjoying a resurgence of interest in cryptocurrency trading. #XRP and #Cardano both lose 1%, dragging the market back down.
#Bitcoin and #Ethereum are the cryptocurrencies of choice for institutional speculators. Their obvious trade right now is betting on the approval of spot ETFs on ETH. Speculators are cautiously locking in profits in BTC, which has previously rallied on the same theme.
Remember that Ethereum's market capacity is smaller than Bitcoin's, which has a three times bigger market cap. This means that the price is more sensitive to changes in sentiment. Ethereum has gained 40% in 30 days, the best performance among the top-10 cryptos.
#Bitcoin and #Ethereum are the cryptocurrencies of choice for institutional speculators. Their obvious trade right now is betting on the approval of spot ETFs on ETH. Speculators are cautiously locking in profits in BTC, which has previously rallied on the same theme.
Remember that Ethereum's market capacity is smaller than Bitcoin's, which has a three times bigger market cap. This means that the price is more sensitive to changes in sentiment. Ethereum has gained 40% in 30 days, the best performance among the top-10 cryptos.
Bitcoin's record highs support the accelerated recovery of the crypto market. Its capitalisation reached $2.69 trillion (+1.6% in 24 hours), 10% below the record high of $2.97 trillion in November 2021. Extreme greed remains the driver of the crypto market, but major coins are getting the main influx of money.
#Bitcoin hit an all-time high of $71.5K early Monday afternoon, adding 2.5% in 24 hours. Ethereum is rising with the market, adding 1.4% in the same time frame and breaking the $4000 price.
The surge in trading activity has helped to revitalise #BNB, which is adding over 4% for the day. It has gained 25% in 7 days, twice that of Ethereum and three times ahead of Bitcoin during this interval. However, like Ether, it is about 15% away from the record highs of late 2021.
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#Bitcoin hit an all-time high of $71.5K early Monday afternoon, adding 2.5% in 24 hours. Ethereum is rising with the market, adding 1.4% in the same time frame and breaking the $4000 price.
The surge in trading activity has helped to revitalise #BNB, which is adding over 4% for the day. It has gained 25% in 7 days, twice that of Ethereum and three times ahead of Bitcoin during this interval. However, like Ether, it is about 15% away from the record highs of late 2021.
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#Crypto market closed lower on Thursday, but little changed from the $2.53 trillion market cap over 24 hours.
However, the internal dynamics are mixed. #Bitcoin loses 1.5% and retreats to $66K, while #Ethereum hovers around $3500 (-0.25%), #BNB and #DOGE are up over 5%, and #XRP is up around 4%.
It's as if the cryptocurrencies haven't chosen their shepherd: should they follow negative from the strengthening dollar or positive after new heights of US indices? We lean towards the latter, believing that the dollar strengthens against even weaker peers whose central banks are more dovish.
Overall, G10 central banks’ dovishness eases a liquidity drain, which is positive for cryptocurrencies that are sensitive to it.
However, the internal dynamics are mixed. #Bitcoin loses 1.5% and retreats to $66K, while #Ethereum hovers around $3500 (-0.25%), #BNB and #DOGE are up over 5%, and #XRP is up around 4%.
It's as if the cryptocurrencies haven't chosen their shepherd: should they follow negative from the strengthening dollar or positive after new heights of US indices? We lean towards the latter, believing that the dollar strengthens against even weaker peers whose central banks are more dovish.
Overall, G10 central banks’ dovishness eases a liquidity drain, which is positive for cryptocurrencies that are sensitive to it.
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The #crypto market cap rose 4.5% over 24 hours to $2.56 trillion, roughly where it was a week ago, with an active rally over the last three days.
Bitcoin is up 4.7%, and #Ethereum is up 4.3% in 24 hours. Their momentum has encouraged even more robust growth in smaller coins. #Dogecoin is up 15% in 24 hours and 100% in 30 days, #Solana is up +9.5% and 86%, and #BNB remains stronger at +6.7% and 54% respectively.
#Bitcoin rose to $67.1K, a third day of strength from an area near the 61.8% Fibonacci retracement of the rise from the January lows to the March highs. The correction from the peak has removed overbought conditions on a daily timeframe, making room for growth and easing the psychological impact on potential buyers as many are more comfortable buying the asset after a drawdown.
The fundamental development of this pattern suggests further growth towards the previous high of $73.7K. If it is successfully breached, the next target for growth could be $95.5K.
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Bitcoin is up 4.7%, and #Ethereum is up 4.3% in 24 hours. Their momentum has encouraged even more robust growth in smaller coins. #Dogecoin is up 15% in 24 hours and 100% in 30 days, #Solana is up +9.5% and 86%, and #BNB remains stronger at +6.7% and 54% respectively.
#Bitcoin rose to $67.1K, a third day of strength from an area near the 61.8% Fibonacci retracement of the rise from the January lows to the March highs. The correction from the peak has removed overbought conditions on a daily timeframe, making room for growth and easing the psychological impact on potential buyers as many are more comfortable buying the asset after a drawdown.
The fundamental development of this pattern suggests further growth towards the previous high of $73.7K. If it is successfully breached, the next target for growth could be $95.5K.
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The #crypto market lost 4% in 24 hours, falling to a cap of $2.53 trillion. #Bitcoin (-3.7%), #Ethereum (-4.5%) and #BNB (-3.5%) are all down by the same amount. #Solana (-6.4%) and #Doge (-7.9%) are lagging the market, not to mention the systematically weak #Avalanche (-7% for the day and -17% for 7 days) and #Cardano (-4.5% for the day and -19% for 30 days).
A promising consolidation has yet to bear fruit. For Bitcoin, the bullish chart picture has not changed: we see only an extension of the consolidation after the rally from the January lows to mid-March. The next key support area is $62.8-63.0K, where the 50-day moving average and the lows of the corrective pullback in March are centred.
Ethereum has been testing the 50-day MA since the beginning of the day, which actively played the role of support in March. It has been rising steadily since the end of last year, but too much distance from it has caused corrections on more than one occasion.
A promising consolidation has yet to bear fruit. For Bitcoin, the bullish chart picture has not changed: we see only an extension of the consolidation after the rally from the January lows to mid-March. The next key support area is $62.8-63.0K, where the 50-day moving average and the lows of the corrective pullback in March are centred.
Ethereum has been testing the 50-day MA since the beginning of the day, which actively played the role of support in March. It has been rising steadily since the end of last year, but too much distance from it has caused corrections on more than one occasion.
The #crypto market stormed a two-month high. However, some players rushed to fix profits quickly despite the positive sentiment in the US stock markets.
#Bitcoin is trading near $71K, where it was a day ago, but #Ethereum (+1%) has moved up - a small but important step up from the consolidation range. These two coins account for over 70% of the total crypto market cap and show no signs of excitement so far.
It seems that the market preferred to climb smoothly to the March highs. So, we should not expect an acceleration of growth immediately after reaching them because, with smooth growth, traders will move stop orders higher.
#BNB and #TON updated their historical highs at $715 and $7.8, respectively. Toncoin jumped on the background of news about the addition of TON to the European trading platform Robinhood Crypto.
BNB's rise is likely due to the Simple Earn programme, which runs from June 5 to 25 and will allow you to lock in BNB or SUI.
#Bitcoin is trading near $71K, where it was a day ago, but #Ethereum (+1%) has moved up - a small but important step up from the consolidation range. These two coins account for over 70% of the total crypto market cap and show no signs of excitement so far.
It seems that the market preferred to climb smoothly to the March highs. So, we should not expect an acceleration of growth immediately after reaching them because, with smooth growth, traders will move stop orders higher.
#BNB and #TON updated their historical highs at $715 and $7.8, respectively. Toncoin jumped on the background of news about the addition of TON to the European trading platform Robinhood Crypto.
BNB's rise is likely due to the Simple Earn programme, which runs from June 5 to 25 and will allow you to lock in BNB or SUI.
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The #crypto market spent Monday in a very narrow range but started Tuesday with a sell-off, losing over 2.8% in 24h to $2.47 trillion. Bitcoin is down 2.8%, while #Ethereum is down 3.5%. Top altcoins are losing between 2% (Cardano) and 6.6% (#BNB), and Tron is temporarily standing out from the crowd, adding 0.25%. This wariness of cryptocurrency traders may be a manifestation of the downturn in risk appetite in global markets, which may soon establish itself in the dynamics of equities and commodities.
#Bitcoin has pulled back to $67.6K, returning to the local lows at the beginning of the month. This decisive move downward indicates that a deeper correction is in store. We can see just how strong the bearish sentiment is by the first cryptocurrency's momentum near $65K, an intermediate round level near where the 50-day moving average and 76.4% Fibonacci retracement level of the rally from the January lows lie. A quick dip below would force a search for support no sooner than $60K.
#Bitcoin has pulled back to $67.6K, returning to the local lows at the beginning of the month. This decisive move downward indicates that a deeper correction is in store. We can see just how strong the bearish sentiment is by the first cryptocurrency's momentum near $65K, an intermediate round level near where the 50-day moving average and 76.4% Fibonacci retracement level of the rally from the January lows lie. A quick dip below would force a search for support no sooner than $60K.
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