Bitcoin has dropped in recent days. CryptoWendyO, a cryptocurrency trader on Twitter, says that while it has recovered from the weekly contraction, the path of the asset remains uncertain.
“The daily schedule doesn’t look good because we’re having trouble maintaining $ 50,000,” she told Cointelegraph on Friday. “I feel we want to go to $ 51.6 [thousand].”
“Going forward, I would be cautious, because failure could lead to a chain of $ 50,000 to $ 45,000. A break there could be a quick week of $ 42-38,000 with an impressive rebound. Impairment would be steady consolidation at $ 52,000.”
After reaching an all-time high of $ 58,360 in February, Bitcoin (BTC) plummeted to around $ 43,015 in the following days, according to TradingView. The asset then recovered to about $ 52,660 and then continued to fall below $ 50,000. At time of publication, Bitcoin is trading around $ 49,020.
Chadz, a level 1 CMT certified Twitter trader, expects “further consolidation from BTC above the key 42k level,” he told Cointelegraph on Friday. He also tweeted a chart of his predictions for the range.
“The big question is whether the recent correction of 27% is sufficient to lift us to new heights,” said Chad. “Until then, we will be looking into tight territory every day with lower highs and lows.”
A number of technology stocks have also declined recently.