Bitcoin
Bitcoin Falls, Hovering Above $60,000: Crypto Check
Bitcoin (BTC-USD) is falling on Wednesday, now hovering just above $60,000. Yahoo Finance senior markets reporter Jared Blikre provides an analysis of cryptocurrency’s year-to-date gains while also examining the movements of the crypto asset ethereum (ETH-USD) and Solana (SOL-USD).
For more expert insights and the latest market action, click here here to watch this full episode of Market Domination.
This post was written by Lucas Carberry Mogan.
Video Transcript
Being a kind of red wall here.
Behind me, we see Bitcoin falling just over 2.5%.
Ethereum rises and falls more than 3%. Solana drops four. Binance token drops three.
So, some rather outsized movements.
I think you can qualify as such.
But overall, let me show you a chart of Bitcoin.
I’m going to come here and talk about that and I’m going to highlight once again this long consolidation pattern here.
Very interesting.
Now we’re at the lower end here.
And let me put up some candlesticks so you can see more.
Exactly.
60,000 is a very important level.
We’ve already fallen below that at least once, in a significant way.
And this was a hoax that led people to think that maybe there was a collapse.
But then we go back and test the upper bound of the range.
And this is something that has been frustrating traders for several months now.
Is it time for the range to finally be broken?
Well, watch out for a fakeout once again.
But they usually don’t last more than a day or two.
So if we start to fall for more than two or three days, we will probably head towards the next lower consolidation level, which could be as low as 45,000 when things stabilize.
And we know that with cryptocurrencies, prices can change very quickly.
Let me tell you about Ethereum.
Very quick technical aspects.
This is another two-year chart that looks somewhat similar to Bitcoin’s, but the price action here, which is actually much steeper than the year-to-day price action, is actually a pretty volatile mix.
But you can see Ethereum in the middle of that range. I hit Solana, which is very interesting.
It’s been in the news lately.
Van Eck has filed for a spot ETF of Solana and something similar for Ethereum, but it’s not at any particularly interesting or encouraging level at the moment, but rather tends toward the lower end of that trading range.
So really looking at Bitcoin here, see if it holds 60,000