Traders speculate that Bitcoin’s price may continue to trade sideways for now
Bitcoin’s price has been falling in the past few days. According to CryptoWendyO, a crypto trader on Twitter, the asset’s performance remains uncertain even though it has rebounded from its weekly lows.
“The daily timeframe isn’t looking good as we’re struggling to get $ 50,000,” she told Cointelegraph on Friday. “I have a feeling we’re going to get a run on $ 51.6[K]. ”
“From then on, I would be cautious as the rejection could run in the range of $ 50,000 to $ 45,000. A breakdown there could mean a quick wick to $ 42-38,000 with a glorious rebound. A disablement would be a sustained consolidation at $ 52,000. “
After reaching a record high of around $ 58,360 in February, Bitcoin (BTC) fell to around $ 43,015 in the days that followed, based on TradingView data. The asset then rebounded to around $ 52,660 before continuing its downward slide below $ 50,000. Bitcoin is trading at around $ 49,020 at the time of publication.
Cheds, a trader on Twitter who holds his CMT Level I certification, expects “more consolidation from BTC above this important 42k level,” he told Cointelegraph on Friday. He also tweeted a chart of his range expectations.
“The big question is whether the latest 27% correction is enough to take us to new highs,” said Cheds. “In the meantime, we will see the range of lower highs and higher lows tightening daily.”
A number of technology stocks have also seen price falls recently.