By Omkar Godbole
- Bitcoin’s (BTC) short-term trend has turned bearish following a drop to $6,600. Further losses could be in the offing, say chart analysts.
- The recent liquidity-driven bounce in equities could falter, too, adding to the bearish pressures for bitcoin.
- A UTC close above the 50-day average is needed to neutralize the bearish case.
Bitcoin is reporting losses on Monday, having ended last week with its longest weekly winning streak in nearly a year.
The top cryptocurrency by market value fell by $300 soon after midnight to hit a 12-day low of $6,600. Bitcoin was last seen trading near $6,693, representing a 2.5 percent decline over 24 hours, according to CoinDesk’s Bitcoin Price index (BPI).
A near 2 percent price rally seen in the seven days to April 12 had marked bitcoin’s fourth straight weekly gain. Prices rose 15.4, 1.0, and 8.8 percent in the previous three weeks, respectively. A four-week winning trend was last seen in May 2019, as seen below.