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Bitcoin: $28K and $45K are key downside and upside levels to watch – Morgan Stanley

Bitcoin: $28K and $45K are key downside and upside levels to watch – Morgan Stanley
FXStreet Insights TeamFXStreet Insights TeamFXStreet

Bitcoin declined to $37,000 on Monday but staged a modest recovery. BTC/USD is trading in a narrow band above $38K. $28K and $45K are the levels to watch, according to economists at Morgan Stanley. 

50% correction is nothing new

"Bitcoin trades like a macro product and will continue to react to news around central bank easing/tightening. BTC's 50% correction is within historical norms, $28K and $45K are key downside and upside levels to watch." 

"For crypto markets to stop weakening we need to have signs of less tightening from central banks or some form of new liquidity/leverage being created in the crypto world.”

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FXStreet Insights Team

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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