Bitcoin Falls After Dow Sees Best Streak
BTCUSD and other cryptocurrencies slid Friday, with digital assets continuing to underperform the stock market in what may be a worrying sign for crypto sentiment.
The price of Bitcoin has fallen 1.5% over the past 24 hours to below $29,800, slipping outside the trading range between the psychologically important $30,000 level and $31,000—a zone that has dominated for much of the past month. After briefly hitting a 13-month high near $31,700 last week, the largest crypto has lost momentum.
“The main sellers of Bitcoin in recent days have been short-term investors,” said Alex Kuptsikevich, an analyst at broker FxPro, citing data from crypto market intelligence group Glassnode. “They have been preparing to take profits for several weeks. Long-term investors who have held the cryptocurrency for more than 12 months are in no hurry to join the sellers.”
Market data suggest that fickle sellers are keeping crypto prices under pressure, which is a departure from action in the stock market, where animal spirits and positive sentiment have pushed stocks higher in recent weeks. While cryptos and stocks are different—and true Bitcoin bulls celebrate the decoupling of token and equity prices—both are fundamentally risk-sensitive assets and have shown similar dynamics this year amid the outlook for interest rates and recession risk.
The price of Bitcoin has fallen 1.5% over the past 24 hours to below $29,800, slipping outside the trading range between the psychologically important $30,000 level and $31,000—a zone that has dominated for much of the past month. After briefly hitting a 13-month high near $31,700 last week, the largest crypto has lost momentum.
“The main sellers of Bitcoin in recent days have been short-term investors,” said Alex Kuptsikevich, an analyst at broker FxPro, citing data from crypto market intelligence group Glassnode. “They have been preparing to take profits for several weeks. Long-term investors who have held the cryptocurrency for more than 12 months are in no hurry to join the sellers.”
Market data suggest that fickle sellers are keeping crypto prices under pressure, which is a departure from action in the stock market, where animal spirits and positive sentiment have pushed stocks higher in recent weeks. While cryptos and stocks are different—and true Bitcoin bulls celebrate the decoupling of token and equity prices—both are fundamentally risk-sensitive assets and have shown similar dynamics this year amid the outlook for interest rates and recession risk.
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