Thursday’s Market Minute: Bitcoin Busts After False Breakout

Bitcoin futures gapped down -9.4% to start the trading week, quashing hopes for more upward movement after the previous week’s fresh all-time highs.

However, the king of cryptocurrency has run very far, very fast; /BTC reached over 65,000 last week, which means it more than doubled since the beginning of 2021 before giving back some ground.

To the downside, watch for support at the 63-day Exponential Moving Average near 50,810, and the confluence of the yearly Linear Regression line and the previous lows from March near 50,360.

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