Watch Out for 58,000 By Investing.com


© Reuters

By Laura Sánchez

Investing.com – It’s a fateful day for and across the crypto industry. From early in the morning, the main cryptocurrency turned around and began to increase its falls.

To the reiteration by China that Bitcoin and the rest of cryptocurrencies are illegal, there was a short selling action.

A moment ago, Bitcoin lost $ 60,000, which it is now trying to recover little by little.

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And that’s not all: CoinDit isk noted that the crypto sale was also influenced by comments from Ned Segal, Twitter’s (NYSE 🙂 chief financial officer, who said it “didn’t make sense” for the microblogging site to invest corporate cash in crypto assets at this time.

“We would have to change our investment policy,” Segal said in an interview Monday with The Wall Street Journal. He said the company prefers securities that are less volatile.

In a note to clients, Naeem Aslam, AvaTrade’s chief market analyst, says the price slippage could be an indication that the bulls are losing power.

This expert cautions investors should watch out for if Bitcoin breaks below its 50-day simple moving average (SMA) of $ 58,000, a possible support for prices. If prices stay above that level, you could see a substantial rally, pick up MarketWatch.

In this fall, there are also those who take advantage to buy. Bitcoin’s third-largest whale has bought 207 Bitcoin tokens at $ 62,000, as published Cointelegraph.

According to this medium, despite the 2-digit fall of the main cryptocurrency in the last 24 hours, Bitcoin is still a solid buy for its biggest investors.

“Bitcoin whales are buying back the cryptocurrency near 60,000. The data shows classic bull market behavior,” they point out.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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