Bitcoin tests $100K again

Market picture

The cryptocurrency market lost 3% in 24 hours amid a sell-off in financial markets following comments from the Federal Reserve. Capitalisation fell to $3.51 trillion, and at the low it dipped below $3.48 trillion - its lowest in more than a week. The Cryptocurrency Fear and Greed Index fell to 75, also hitting lows since 11 December.

Bitcoin is once again testing the $100,000 level, this time making attempts to dip below that round level. While the magnitude of bitcoin's decline is comparable to that of stocks, it is seen as a show of strength, as bitcoin often loses more. Over the past five and a half weeks, an upward trend has formed, and Bitcoin has fallen sharply from the upper to the lower boundary, where it seemingly attracts some interest. A trend breakdown can only be confirmed with a break of the 50-day moving average, which is now through $91,700 but heading to $94,000 by the end of the week.

News background

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