The $ 30,000 mark again proves to be an obstacle for Bitcoin.
The largest cryptocurrency stabilized below the round number level after toppling Wednesday and closing 6.8%, close to session lows. It rose 0.4% to $ 29,704 from 6 p.m. 12:01 in Singapore on Thursday.
“The technical outlook is neutral at best, and Bitcoin really needs to trade back over $ 40k before any kind of bullish outlook can be confirmed,” Nicholas Cawley, a strategist at DailyFX, wrote in a note Wednesday.
Bitcoin had arranged a mini-rally to start the week, rising to a three-week high of $ 32,359 on Tuesday and giving some in the markets hope that it could gain upward momentum. Cryptocurrencies have struggled while the Federal Reserve and other central banks raise interest rates amid stubbornly high inflation.
Solana performed worse during a network outage, falling 4.5% after falling 11% the day before. Avalanche fell 4.3 percent.
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