The price of BTC fell 7% in a day. Early Thursday, the flagship digital asset remained under pressure, with its price tag hovering around the mid-$57,000s per coin. What's even more interesting, at least for technical analysts, Wednesday's drop broke through the 100-day simple moving average, signaling a potential short-term bearish trend.
What's next. Bitcoin is considered a risky asset - much riskier than stocks - because of its inherent volatility. While the mainstream narrative revolves around inflation, bitcoin can continue to do what it does best - jumping up and down while markets try to determine its price. Additionally, April employment data will be released tomorrow, which could be another catalyst for bitcoin, which could shoot in either direction, depending on the non-farm payrolls number.
What's next. Bitcoin is considered a risky asset - much riskier than stocks - because of its inherent volatility. While the mainstream narrative revolves around inflation, bitcoin can continue to do what it does best - jumping up and down while markets try to determine its price. Additionally, April employment data will be released tomorrow, which could be another catalyst for bitcoin, which could shoot in either direction, depending on the non-farm payrolls number.