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Bitcoin slips for a fourth straight day near $78K

Crypto market capitalization remains above its 50- and 200-day moving averages, but recent price action shows a two-day streak of profit-taking.

Reported · Written up by our desk · Market Structure

The crypto market has been trading in a narrow range as investors look for fresh signals on trend direction, with the market cap at about $2.66 trillion still above its 50-day and 200-day moving averages of roughly $2.39 trillion and $2.38 trillion.

Bitcoin was last near $78,000, after three straight red daily candles and a lower open, marking a fourth consecutive day of declines. The 50-week moving average is acting as resistance, and the outlet notes that breaches of that level have previously been followed by sizable declines.

Action Forex attributes the continued selling to cautious positioning ahead of upcoming inflation data and the Fed decision, along with concerning signals it points to in developed-country debt markets led by the US. Still, it frames the base case as consolidation near the current area before the uptrend potentially resumes.

Elsewhere, the outlet says ARK Invest plans to hold bitcoin for decades and cites Cathie Wood’s view of BTC as a store of value and an inflation hedge. It also notes that bitcoin’s correlation with gold has reached a record high since 2017, while pointing to commentary that Ethereum has been the best-performing macro asset of the quarter.

Latest closeGold $4,445.30 ▲1.2%|Bitcoin $77,087.06 ▼1.5%|Ethereum $2,461.76 ▼0.2%

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