over 2 years ago • 1 min
Bitcoin fell for a second day on Tuesday, cutting its year-to-date gain to 12% – just behind that of the US stock market.
As is often the case in crypto, pinning the price move on a single trigger was difficult. But plenty of analysts pointed to US authorities’ successful recovery of much of the bitcoin paid as ransom in the recent Colonial Pipeline hack as undermining the cryptocurrency’s claim to be beyond government control.
Bitcoin dropped 6% to $32,457 as of 2:15pm in New York, bringing the drop from its April 14th high to 50%.
This week’s decline leaves bitcoin’s technicals looking precarious. The 50-day moving average (shown in pink below) is dropping rapidly toward the 200-day moving average (in green). If the 50-day average crosses below the 200-day average, the resulting “death cross” would be considered very bearish by most technical analysts.
Disclaimer: These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment advisor.