Bitcoin slides back below $74,000 as breakout to higher levels fails again
The $75,000-$76,000 range has proven to be stiff resistance as bitcoin attempts to claw back this year’s losses.
What to know:
- Bitcoin quickly dipped in U.S. morning trade on Thursday.
- Once again, the $75,000-$76,000 proved to be stiff resistance for BTC’s recent rally.
- The software sector, which had lagged bitcoin for several weeks, has been surging in recent days even as BTC is about flat.
Alongside, the breathtaking stock market rally — which yesterday sent the Nasdaq and S&P 500 to record highs — took a pause. A bit more than an hour into the session, both of those indices were lower by about 0.1%.
Crypto-linked stocks also pulled back across the board. Coinbase (COIN), Strategy (MSTR), Robinhood (HOOD) and Circle (CRCL) were all down roughly 2%-3% in morning trading.
Meanwhile, crude oil prices rose about 2%, reclaiming the $90 level, as ongoing geopolitical tensions continued to underpin supply concerns.
The $75,000-$76,000 range is key for bitcoin, as that was the level it traded at prior to the Feb. 5 market crash that took BTC down to $60,000. A rise past that level might suggest a larger move that could bring prices back to around the $90,000 mark at which bitcoin started the year.
