Bitcoin’s Tumble Drags Its 2021 Return Below The Stock Market’s

Bitcoin’s Tumble Drags Its 2021 Return Below The Stock Market’s
Andrew Rummer

over 2 years ago1 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.

Bitcoin death cross chart
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