Bitcoin daily chart (BTC/USD)
The cryptocurrency faces a tough end of trading in April and an even tougher start of trading in May. The halving has passed and it looks like support from a technical perspective has as well. Bitcoin now falls below $58,000 after slipping below $60,000. But more importantly, the price is looking to break above the 100-day moving average (red line) at $59,540.
This was the key level that halted the decline in late January, before Bitcoin rebounded strongly over the next two months.
As such, a break below the technical support level will see the more bullish bias reversed. And this opens a gap towards a potential drop towards the $50,000 mark.
This doesn’t look good for risky trades in general heading to the Fed. US futures are also down, with S&P 500 futures down 0.3% and Nasdaq futures down 0.6%, following yesterday’s decline.
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