Bitcoin, the world’s largest cryptocurrency by market capitalization was down Tuesday by 2.1% as of press time and going as low as as $42,658 around 23:15 UTC (7:15 p.m. ET). BTC was below the 10-hour moving average and the 50-day, a bearish signal for market technicians.
Vishal Shah, founder of derivatives exchange Alpha5, said that despite volatility cropping up, he thinks bitcoin is still relatively stable, compared to assets like ETH.
“I think overall volatility feels a bit subdued,” Shah said. “We have been in a large, but measured range for about three months now in BTC.”
Spot bitcoin has ranged from $42,658 to $64,829 (a record high) over the past three months.
“Short-term momentum has weakened behind bitcoin, with resistance having been discovered near $60,000, leaving a lower high on the chart relative to April,” said Katie Stockton, a technical analyst for consulting firm Fairlead Strategies. “Long-term momentum is still positive behind bitcoin despite its weak intermediate-term momentum, favoring a bullish bias beyond the corrective phase.”