Live markets: What's next as bitcoin re-tests February low for third time
Bitcoin has recently fallen to $65,300 but has bounced back to around $67,000. This marks the third time it has tested the mid-$60,000 range since its February low. The outcomes of the previous two tests were positive for bulls, leading to price recoveries above $70,000.
- ▪Bitcoin dropped to $65,300 before recovering to $67,000.
- ▪This is the third re-test of the February low of $60,000.
- ▪Previous re-tests in February and March resulted in price recoveries above $70,000.
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4 minutes ago · 12:37 PMStephen AlpherShareShare this postCopy linkX iconX (Twitter)LinkedInFacebookEmailBitcoin (BTC) overnight fell all the way back to $65,300, but has since bounced back to the $67,000 area shortly before the open of U.S. stocks.A check of the charts shows this is the third time bitcoin has dropped to the mid-$60,000 range since its panicky February 6 bottom.The previous two "re-tests" of that February 6 bottom — February 24 and March 29 — worked out for the bulls, with prices quickly recovering back above $70,000 and eventually to $83,000 by mid-May.What happens on this third occasion remains to be seen.U.S. stock index futures are little changed after another round of record highs on Tuesday. The price of oil and bond yields are both modestly higher.
Excerpt limited to ~120 words for fair-use compliance. The full article is at CoinDesk.
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