's recent price rally seems to be encountering some headwinds. After a significant climb throughout much of the past year, the world's leading cryptocurrency has witnessed a pullback in recent days.
LunarCrush analyst Joe Vezzani told Investing.com that “Bitcoin and other cryptocurrencies often see outsized reactions to breaking news on weekends before traditional markets open.” “Bitcoin, in particular, is cementing its status as a bellwether for investor sentiment and a key indicator to watch when unexpected events rattle global markets,” he added.
“Given increased short-term risk, we assume the weekly stochastics will confirm their downturn in an intermediate-term setback,” said the firm. “This warrants a shift to a neutral intermediate-term bias with cloud-based support intact.”
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