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Bitcoin Price Sees Largest Daily Loss in 10 Months
Bitcoin ended Thursday down 13% amid continued selling.
By Zack Voell
Updated Mar 6, 2023, 3:41 p.m. Published Jan 22, 2021, 12:04 a.m.
Bitcoin ended Thursday down 13%, posting its largest daily drop since the market crash of March 2020.
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- The leading cryptocurrency's drop is "probably just a dip," according to Techemy Capital trader Josh Olszewicz, who is not expecting a prolonged correction.
- Bloomberg analyst Mike McGlone agreed, telling CoinDesk he could see bitcoin "probing for support and resistance within a mostly $30,000 to $40,000 range for awhile until embarking on the next leg of the stair-step rally."
- But Guggenheim's CIO Scott Minerd thinks bitcoin maybe have topped temporarily, saying that a retrace to $20,000 is possible.
- Significant selling over the past week on U.S.-based exchange Coinbase signals profit-taking by investors, per CoinDesk's prior reporting, after bitcoin nearly tapped $42,000 earlier in January.
- Leading alternate cryptocurrencies (altcoins) like ether and chainlink also recorded double-digit percentage losses.
- Thursday's drop helped erase most of bitcoin's yearly gains, with the cryptocurrency now up only 6% in 2021.
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What to know:
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Bitcoin trades near key price safety net that Strategy already breached
The safety net is the 100-week average, which has stalled the downtrend.
What to know:
- Bitcoin trades near a critical 100-week simple moving average, a key support level for bulls.
- Strategy shares have already fallen below this average, signaling potential bearish trends for bitcoin.
- Bulls must defend this support to prevent further declines similar to Strategy's recent losses.
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