Bitcoin\u2019s ride above $7,000 floundered over the weekend and technical indicators now paint a bleak outlook.<\/p>\n
The moving-average convergence divergence indicator — a measure of momentum — suggests Bitcoin\u2019s bullish trend is losing steam. The coin recently hit strong\u00a0resistance<\/span>\u00a0around $7,500 and could potentially be forming a new downtrend.<\/p>\n Cryptocurrencies have largely moved in conjunction with riskier assets over the past month, falling when equities come under pressure and rising when they gain. U.S. stocks initially sold off on Monday and Bitcoin dropped as much as 3.3% to trade around $6,900. Peer tokens, including Litecoin and Bitcoin Cash, also declined.<\/p>\n \u201cWhen equity markets sell off, all people want to own is cash,\u201d said Jerry Braakman, chief investment officer of First American Trust, in Santa Ana, California, which is managing $1.8 billion. \u201cWhen things are good, money will flow there and when things are bad, it\u2019s going to have that downside.\u201d<\/p>\n However, a number of analysts remain bullish on Bitcoin. Billionaire investor Mike Novogratz, who is long Bitcoin,\u00a0says\u00a0this is the time for the token to shine. At Bloomberg Intelligence, analyst Mike McGlone says global bond yields hurtling toward zero and increased stock market volatility, among other factors, improve the token\u2019s fundamental and technical underpinnings.<\/p>\n \u201cIn the third year since its peak, we expect Bitcoin to continue doing what it has been, appreciating, but at a languid pace,\u201d McGlone wrote in a note. \u201cBitcoin\u2019s 2020 average price about $8,070 to April 17 is the highest annual measure ever, indicating a market that is simply marking time.\u201d<\/p>\n Bitcoin\u2019s ride above $7,000 floundered over the weekend and technical indicators now paint a bleak outlook.<\/p>\n","protected":false},"author":341034,"featured_media":219068,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,61488,191],"class_list":["post-348775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/348775"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=348775"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/348775\/revisions"}],"predecessor-version":[{"id":348777,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/348775\/revisions\/348777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/219068"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=348775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=348775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=348775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Now read: Government considers selling R100-billion bond for coronavirus relief<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"