Cryptocurrency
Bitcoin Falls the Most in a Month Following Red-Hot Rally
Bitcoin Falls the Most in a Month Following Red-Hot Rally: As reported on Bloomberg, “Bitcoin’s scorching rally lost steam on Wednesday amid widespread risk aversion, falling the most in a month. The world’s biggest cryptocurrency by market value slumped 3.1% to $13,201 as of 2:40 p.m. in New York. Alternative coins including Litecoin and Monero […]
Bitcoin Falls the Most in a Month Following Red-Hot Rally:
As reported on Bloomberg, “Bitcoin’s scorching rally lost steam on Wednesday amid widespread risk aversion, falling the most in a month.
The world’s biggest cryptocurrency by market value slumped 3.1% to $13,201 as of 2:40 p.m. in New York. Alternative coins including Litecoin and Monero also posted declines, while the Bloomberg Galaxy Crypto Index dropped 3.7%.
‘This broad, risk-aversion-trading session is triggering widespread panic selling, which is seeing every risky asset, like gold and Bitcoin, really start to plummet,’ said Edward Moya, a senior market analyst at Oanda Corp.
Wednesday’s high of $13,857 only narrowly exceeded Bitcoin’s most recent peak, set in June 2019. While some chartists say Bitcoin could be forming a bearish double-top pattern, it also could be taking a breather after its 14-day relative strength index reading passed 70, signifying the coin was overbought.
‘I think that $14,000 is a very key threshold,’ said Moya. ‘Once that level is taken out, there is going to be a lot more upside here.’
Before Wednesday’s pause, Bitcoin had gained roughly 15% since an announcement last week by PayPal Holdings Inc. that it will allow customers to use cryptocurrencies…”