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The air is coming out of bitcoin

Jason Goepfert
2021-01-20

One of the few assets losing value today is bitcoin. After recently hitting an all-time high, it just crossed below its 20-day moving average.

This is the first time in nearly 40 days it fell below average.

The assumption is that it indicates the first step in a correction. But it's been a beast of a trade, and other times it fell below average for the first time in months, it tended to bounce back. From 2011 - 13, it was the first step in what proved to be sustained pullbacks. But it triggered 4 times in 2017 alone, only one of which preceded more downside.

For what it's worth, it didn't have much impact on stocks, either.

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