The price of Bitcoin extended its decline in trading today, falling sharply for a fourth consecutive session.
From a fundamental perspective, persistent risk-off sentiment has weighed on speculative assets, while some investors may also be rotating capital into upcoming IPO opportunities, adding another headwind for cryptocurrencies
Technically, the bearish turn accelerated after the price broke below its 100-day moving average on Monday. That downside momentum carried through Tuesday and Wednesday, with yesterday’s close also falling below the March swing low near $64,955, increasing the bearish bias. Today’s selling extended to a low of $61,310 before buyers stepped in and pushed prices modestly higher.
The broader market backdrop may have helped stabilize the decline. The NASDAQ was down as much as 300 points at its session low but has since trimmed those losses to around 112 points, or -0.42%. Meanwhile, lower Treasury yields and weaker oil prices have eased some of the pressure on risk assets, helping Bitcoin find support near an important technical area.