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 saw its Moving Average Convergence Divergence Histogram (MACD) turn negative on March 16, 2024. This is a bearish signal that suggests the stock could decline going forward. Tickeron's A.I.dvisor looked at 58 instances where the indicator turned negative. In of the 58 cases the stock moved lower in the days that followed. This puts the odds of a downward move at .
The 10-day RSI Indicator for BTC.X moved out of overbought territory on March 15, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 60 similar instances where the indicator moved out of overbought territory. In of the 60 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Stochastic Oscillator has been in the overbought zone for 2 days. Expect a price pull-back in the near future.
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 March 25, 2024. You may want to consider a long position or call options on BTC.X as a result. In of 133 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 443 cases, the price rose further within the following month. 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 438 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