The price of the leading cryptocurrency, Bitcoin [BTC], has declined in recent days. While it’s rebounded from its weekly lows, the asset’s trajectory remains uncertain explained, a renowned cryptocurrency trader on Twitter.
“The daily timeframe isn’t looking great as we are having trouble sustaining $50K,” she added recently. “I am feeling like we’ll get a run to $51.6[K].”
“From there I might take care as rejection could lead on back to the $50K -$45K range. An opportunity down there might be a swift wick to $42-38K with excellent recovery. Invalidation would be a sustained consolidation at $52K.”
After hitting record highs of roughly $58,360 USD earlier in February, Bitcoin [BTC] dropped right down to roughly $43,015 USD in subsequent days, supported TradingView data. The asset then rebounded up to about $52,660 USD, prior to continuing its downward price action below $50k. Bitcoin is trading at roughly $48,654 USD at the reporting time.
Cheds, a trader on Twitter holding his CMT level I certification, expects “more consolidation from BTC above that key 42k level,” he added recently. He also tweeted a chart of his range expectations.
“The big question is that if the recent 27% correction is enough to bring us to a new high,” Cheds added. “In the meantime, we’ll watch a tightening range on the daily of lower highs and better lows.”
A number of technology stocks have also suffered a price decline recently.