Bitcoin struggles to find footing above $40,000 for now
20 May 2021
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Bitcoin tests waters above $40,000 briefly before falling back
The tail wagged the dog in trading yesterday as a rout in crypto sparked a broader selloff across the market but today, there are hints of stabilisation in the former at least.
Bitcoin is up nearly 4% on the day and even managed to clip just above $40,000 earlier but is now trading back under figure level in European trading.
In essence, the level is a key psychological one to watch out for in defining what the latest selloff may mean in the bigger picture of things – especially with the 200-day moving average (blue line) also in play close to the $40,000 level.