Bulls this week are working to stabilize the market after the recent selling pressure.”Īll eyes are now on Bitcoin’s 200-week moving average (MA), a key level that has historically provided insight into where the bear market will bottom out. trading Monday” in his morning brief.Īccording to Wyckoff, “Bears have the near-term technical advantage as a two-month-old price uptrend on the daily bar chart has been negated. dollar prices are near steady in early U.S.
Source: TradingViewįollowing the recovery, BTC is now trading flat on the day as noted by Jim Wyckoff, senior market analyst at Kito, who stated “Bitcoin-U.S. (Kitco News) - The cryptocurrency market got the week off to a rough start as prices tumbled in the early trading hours on Monday, resulting in the total market cap briefly dipping back below $1 trillion.īitcoin ( BTC) bears managed to overwhelm bullish support at $21,000 during the early morning sell-off, which dropped the top cryptocurrency to a daily low of $20,898 before reinforcements arrived to bid it back above $21,200.īTC/USD 4-hour chart. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.
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