Bitcoin (BTC-USD) is sliding Wednesday, now hovering just above $60,000. Yahoo Finance senior markets reporter Jared Blikre gives a break down of the cryptocurrency’s year-to-date gains, while also examing the movements in crypto assets ethereum (ETH-USD) and Solana (SOL-USD).
For more expert insight and the latest market action, click here to watch this full episode of Market Domination.
This post was written by Luke Carberry Mogan.
Video Transcript
Being kind of a red wall here.
Behind me, we see Bitcoin down just under just over 2.5%.
Ethereum up down over 3% Solana down four Binance token down three.
So some some slightly outsized movement.
I guess you could qualify as that.
But overall, let me just show you a chart of Bitcoin.
I’m going to come here to date, and I’m just going to highlight once again this long consolidation pattern here.
Very interesting.
Now we are at the lower end here.
And let me put some candlesticks on so you can see more.
Precisely.
60,000 is a very important level.
We have dipped below it at least one time in kind of a major way.
And that was a fake out led people to think maybe there was going to be a breakdown.
But then we went right back up and tested the upper end of the of the range.
And this is something that’s been frustrating traders for several months now.
Is this the time that the range is finally broken?
Well, just be on alert for a false breakdown once again.
But usually those don’t last more than a day or two.
So if we start heading down and for more than two or three days, probably going to head towards that next lower consolidation level, that could be as low as 45,000 by the time things shake out.
And we know with crypto that prices can move very quickly.
Let me just go over Ethereum.
Technicals real quick.
This is another two year chart looks somewhat similar to Bitcoin, but this price action here, actually much steeper this year to day price action, is actually quite a volatile mix.
But you can see Ethereum in the middle of that range I hit Solana is too interesting.
It’s been in the news lately.
Van Eck filed for a spot Solana ETF and kind of a similar to Ethereum, not at any particularly interesting or encouraging level right now, but tends towards the bottom end of that trading range.
So really watching Bitcoin here see if it holds 60,000
