Bitcoin is now down 3.3% on the day, or $2,200, to $64,150. Almost all of the selling has taken place since the start of the US session and reflects broader anxiety over risky assets.
It climbed earlier in the week after the halving, but stopped yesterday and is now back to pre-April 20 levels. The three-day candle depicts a reversal of sorts, and from a broader perspective, there is an emerging pattern of lower highs and lower lows, although it is mostly sideways trading.
I wouldn’t read too much into the decline until $6,000 cracks again.
Bitcoin daily
Basically, I view bitcoin as closely tied to the overall tech rally (lots of profits to come) and the movement of US interest rates. Rising Treasury yields threaten to undermine risk assets and Bitcoin appears to be no exception, especially now that there’s nothing BTC-specific to look forward to (although some might argue the ETF of Hong Kong).
cnbctv18-forexlive
