Bitcoin challenging $50k but momentum stalling [Video]

After subdued trading ahead of Monday’s New York open, cryptocurrencies were subjected to further volatile trading.

Bitcoin initially dipped to below $47,000 as risk appetite deteriorated, but then reversed quickly and posted a strong net advance to above $49,000.

There was further evidence of net investment inflows into the sector which underpinned overall confidence.

Bitcoin posted further gains in Asia, but was unable to make a challenge on the $50,000 level and settled around $49,300.

Ether dipped to lows below $3,300 before a recovery to $3,400 and consolidation below this level on Tuesday.

Author

Steve O'Hare

Signal Centre

Steve has over 30 years of trading experience in Commodity, Equity and Fixed Income markets, in both research and trading.

Markets move fast. We move first.

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