{"id":112460,"date":"2021-04-19T20:31:12","date_gmt":"2021-04-19T20:31:12","guid":{"rendered":"https:\/\/fin2me.com\/?p=112460"},"modified":"2021-04-19T20:31:12","modified_gmt":"2021-04-19T20:31:12","slug":"after-a-wild-weekend-bitcoin-could-take-a-breather-before-the-next-move-higher","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/after-a-wild-weekend-bitcoin-could-take-a-breather-before-the-next-move-higher\/","title":{"rendered":"After a wild weekend, bitcoin could take a breather before the next move higher"},"content":{"rendered":"<ul>\n<li>Bitcoin sold off sharply on the weekend, but steadied Monday as analysts bet it will now fall into a consolidation stage.<\/li>\n<li>The cryptocurrency&#x27;s big run-up into the $65,000 area around the Coinbase debut on the Nasdaq set it up for a fall, which is likely to be followed by a less volatile range-bound period.<\/li>\n<li>Bitcoin steadied after a roughly 15% decline Sunday and was barely changed Monday afternoon.<\/li>\n<\/ul>\n<p>Bitcoin&#x27;s big swing in prices over the weekend likely set the stage for a period of consolidation before the cryptocurrency can make another move higher.<\/p>\n<p>The digital currency lost as much as 15% over the weekend, and rival coins like ethereum also fell. <\/p>\n<p>Bitcoin traded around $55,970 at 4 p.m. ET. Some crypto-linked equities were lower. Coinbase lost nearly 2.6%. Meanwhile, Voyager Digital lost 9.6%, and Marathon Digital Holdings lost 8.7%.<\/p>\n<p>&quot;There&#x27;s been a lot of rumors and speculation about what pushed the market down over the weekend. To me, it&#x27;s boiled down to excess leverage within the system,&quot; said Leeor Shimron, Fundstrat vice president of digital asset strategy. &quot;We&#x27;ve seen it over the last couple of weeks, especially in bitcoin, but it spilled into other asset classes as well.&quot;<\/p>\n<p>Shimron said there was a big deposit of bitcoin over cryptocurrency exchange Binance over the weekend, which helped fuel speculation.<\/p>\n<p>&quot;When the sell-off happened this weekend, approximately $5 billion worth of bitcoin contracts was liquidated, and $9.5 billion was liquidated including altcoin markets,&quot; Shimron said. <\/p>\n<p>&quot;Notably, this is twice the notional value compared to Black Thursday 2020, when bitcoin&#x27;s price dropped by ~50% in 24 hours. The fact this sell-off resulted in a drop of just 15% and quickly rebounded speaks to how much the market has grown and matured over the course of the last year.&quot;<\/p>\n<h2>A dip below the 50-day moving average<\/h2>\n<p>Bitcoin tumbled below its 50-day moving average in weekend trading and was again below it Monday. The cryptocurrency recently traded close to $65,000, but was at around $55,900 Monday afternoon, according to Coin Metrics.<\/p>\n<p>Julian Emanuel, head of equities and derivatives strategy at BTIG, said he expects bitcoin to trade in a range between $50,000 and $65,000 after the weekend shakeout. He said it could have entered a period of lower volatility while it consolidates before moving higher again.<\/p>\n<p>Emanuel said he is watching the 50-day moving average at around $56,500.<\/p>\n<p>A break below the 50-day moving average for a significant period of time warns of negative price momentum.<\/p>\n<p>&quot;The spike yesterday was to a low of $51,707. I would define it as literally the point of maximum frustration,&quot; Emanuel said. &quot;If you&#x27;re a bull or a bear, everyone has been keying off the 50-day moving average, and we think the best outcome is you stay pinned to the point of maximum frustration so volatility can come in and the price can correct.&quot; <\/p>\n<p>&quot;It&#x27;s our expectation right now and our wish for the long-term health of the crypto market that we have a correction in time whereby both the bulls and the bears are frustrated by the price action,&quot; he said.<\/p>\n<h2>A ramp-up ahead of Coinbase&#x27;s debut<\/h2>\n<p>Bitcoin went on a tear to near $65,000 ahead of the recent Coinbase debut on the Nasdaq, which was seen as a new lure to bring investors into crypto assets. &quot;The least healthy thing would be a near-term break to the downside or the upside for the range we established over the last week,&quot; Emanuel said.<\/p>\n<p>Fundstrat&#x27;s Shimron said he went into the weekend seeing the $60,000 level as the key level bitcoin should hold. But it failed and bitcoin moved closer to $50,000 temporarily<\/p>\n<p><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"#002F6C\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" data-analytic-id=\"expand-icon\" class=\"InlineImage-background\"><title>Zoom In Icon<\/title><desc>Arrows pointing outwards<\/desc><circle cx=\"10\" cy=\"10\" r=\"10\" fill=\"white\" stroke=\"#002F6C\"><\/circle><\/path><\/svg><\/p>\n<p>&quot;I would not be surprised to see a greater period of consolidation for the next couple of weeks or so until $60,000 is regained,&quot; Shimron said. &quot;We think bitcoin is going to move higher for the rest of the year, even if we consolidate over the next few weeks.&quot;<\/p>\n<p>Fundstrat expects bitcoin to reach $100,000 by the end of the year.<\/p>\n<p>Katie Stockton, chief technical strategist at Fairlead Securities, said if bitcoin closes below the 50-day moving average two days in a row, its next move could be to the support level around $42,000.<\/p>\n<p>&quot;I think right now, until we see the decisive breach of the 50-day moving average, we&#x27;re keeping a neutral short-term bias,&quot; she said.<\/p>\n<p>Stockton said on the upside for bitcoin, her next target is $69,000.<\/p>\n<p>She said she is not surprised by the sell-off after the big surge. &quot;It makes sense that any steep uptrend is prone to create digestion,&quot; Stockton said.<\/p>\n<p>Become a smarter investor with\u00a0<strong>CNBC Pro<\/strong>.\u00a0<br \/>Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.\u00a0<br \/>Sign up to start a\u00a0<strong>free trial today<\/strong><strong>.<\/strong><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/04\/19\/bitcoin-takes-a-breather-before-the-next-move-higher.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin sold off sharply on the weekend, but steadied Monday as analysts bet it will now fall into a consolidation stage. The cryptocurrency&#x27;s big run-up [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":112459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>After a wild weekend, bitcoin could take a breather before the next move higher - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/after-a-wild-weekend-bitcoin-could-take-a-breather-before-the-next-move-higher\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"After a wild weekend, bitcoin could take a breather before the next move higher - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Bitcoin sold off sharply on the weekend, but steadied Monday as analysts bet it will now fall into a consolidation stage. 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