Bitcoin briefly fell below $30,000 Monday, just two days after topping that level for the first time.
The cryptocurrency rallied to edge past the $34,000 mark during the weekend. But plunged to $29,316 as of 5:40 a.m. ET Monday. It later climbed back above the $30,000 level. But it was still down more than -5%.
Bitcoin had a historic, more than +300% rally in 2020.
But the volatility in the crypto market has been quite apparent from time to time, with the latest intra-day roller-coaster in bitcoin probably a result of short-term profit taking by investors, among other potential factors.
BTC.X moved below its 50-day moving average on April 13, 2024 date and that indicates a change from an upward trend to a downward trend. In of 42 similar past instances, the stock price decreased further within the following month. The odds of a continued downward trend are .
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In of 90 cases where BTC.X's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are .
The 10-day moving average for BTC.X crossed bearishly below the 50-day moving average on April 17, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 19 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Momentum Indicator moved above the 0 level on April 27, 2024. You may want to consider a long position or call options on BTC.X as a result. In of 135 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In of 436 cases where BTC.X Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows