Money
Bitcoin rises, but for how long as crypto suffers?
After a tough few months, Bitcoin has risen to recover some of this week’s loses.
Bitcoin rose 2 per cent to recover part of this week’s losses, however, the cryptocurrency remains below its 50-day moving average.
Bitcoin is trading 1.36 per cent higher at $20,204 while Ethereum is up 1.71 per cent.
It was a low volume day for crypto trading.
Cryptocurrency losses earlier this week mirrored those on Wall Street, with investors coming to terms with last week’s announcement from the Federal Reserve chair that interest rate rises will continue.
Analysts warn that “Bulls this week have stabilised prices and they remain in a pause, or sideways, mode.”
The overall cryptocurrency market cap now stands at $985 billion, and Bitcoin’s dominance rate is 39.3%.
BTC falls back
Arcane Research says Bitcoin trading below its 200WMA “is not a common observation and buying below this well-known technical indicator has historically been a profitable strategy.”
But how far could Bitcoin now drop?
Some analysts say the worst case scenario could see a decline as low as $11,000.