News
Bitcoin Drops, Hovers Above $60,000: Crypto Check
Bitcoin (BTC-USD exchange rate) is sliding on Wednesday, now hovering just above $60,000. Yahoo Finance senior markets reporter Jared Blikre provides a breakdown of the cryptocurrency’s gains since the beginning of the year, also looking at the movements of the cryptocurrencies ethereum (ETH-USD) and Solana (SOL-USD).
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This post was written by Luca Carberry Mogan.
Video Transcription
There’s a kind of red wall here.
Behind me, we see Bitcoin down just over 2.5%.
Ethereum up, down more than 3%. Solana down four. Binance token down three.
So a slightly disproportionate movement.
I guess you could be considered that.
But overall, let me show you a chart of Bitcoin.
I would like to come to today’s date and underline once again this long consolidation pattern.
Very interesting.
Now we are at the lower limit.
And let me put some candlesticks up so you can see better.
Precisely.
60,000 is a very important level.
At least once we have fallen below this level, quite significantly.
And this was a hoax that led people to think that maybe there was going to be a collapse.
But then we went right back and tested the top end of the range.
And this is something that has been frustrating traders for several months now.
Has the time come when the interval will be definitively interrupted?
Well, be careful because a false failure might occur again.
But they usually don’t last more than a day or two.
So if we start to break down and for more than two or three days, we will probably head towards the next lower consolidation level, which could go as low as 45,000 as things stabilize.
And we know that in the case of cryptocurrencies, prices can move very quickly.
I would like to focus on Ethereum.
Very quick technical details.
This is another 2-year chart that looks somewhat similar to Bitcoin, but this price move, which is actually much steeper than the current price, is actually a pretty volatile mix.
But you can see that Ethereum is in the middle of that range. Solana is too interesting.
There has been talk of it in the newspapers recently.
Van Eck has filed for a Solana spot ETF, similar to Ethereum, which is not currently trading at particularly interesting or encouraging levels, but tends to be at the bottom of that trading range.
So, looking closely at Bitcoin here, let’s see if it contains 60,000