Thursday's Market Minute: Is Bitcoin Reaching A Bottom?

Bitcoin futures were down about 13% from their intraday all-time highs on Oct. 20 as of yesterday’s close while price continues in a short-term downtrend. But don’t feel too bad for HODLers; the cryptocurrency was still up around 43% since the start of the uptrend that began in late September. Implied Volatility is relatively low right now for /BTC, and the MACD completed a bearish crossover as of yesterday’s close, suggesting weakening bullish momentum. These stalling technicals come at a time when /BTC finds itself at a possible key turning point at the top of its mid-October range near 58,000, with the 21-day Exponential Moving Average not far below around 57,790. This area also shows a relatively large volume node according to the yearly volume profile, so this means traders could see short-term support in this area. If prices break downward, another potential support confluence lies at the bottom of the mid-October range and the yearly Linear Regression Line near 54,000.

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