Bitcoin drops over 8% to sit just under $40,000
It has been a wipeout for cryptocurrencies in the past week and Bitcoin is now being flushed back under $40,000 in another 8% drop so far today.
Ethereum is also being dragged back under $3,000 as the rout extends.
Going back to Bitcoin, it is one of the most technical adhesive plays – also psychological – out there and the drop below the late February lows near $44,000 has opened up the way towards $40,000 now where a test of its 200-day moving average (blue line) also looms.
Break below those two levels and this could get even uglier, even quicker with sellers potentially setting sights towards $30,000 next.