Bitcoin this week is near a key support level again, but this stop is a little more worrying than previous ones this year, according to Wolfe Research.
Bitcoin's price this week is near a familiar and key support level, but its latest stop there is a little more worrying than previous ones this year, according to Wolfe Research. Earlier this week, bitcoin fell below $25,000 for the first time since March . The flagship cryptocurrency tested this threshold at various points this year, but it always rebounded.
"Coins are taking out crucial levels of support across the board and there's not many bright spots to be found at the moment." "Longer term momentum is starting to break in bitcoin," he added. "This is often one of our more reliable warning signs and part of the reason we are currently bearish on the broader market. Short term price action is never our worry, it's when longer term trends start to break, that we want to take notice and pivot accordingly.
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