Bitcoin nears $60,000 as selling intensifies

The halving and the launch of Hong Kong ETFs (whic launched today) haven’t been the positive catalysts that bitcoin bulls hoped for, at least not yet. Bitcoin is at the lows of the week, down $2750 to $60,152 today.

The low so far is $60,053 as bids protect the big figure. If that breaks there could be a flush but there could also be more support down to the April low of $59,590.

If those levels go, it would certainly be a bearish technical signal and I could envision sales down to the low $50,000s.

As for broader markets, they tend to move in synch with bitcoin so this selling may be a negative signal, particularly if the FOMC is hawkish tomorrow.

This article was written by Adam Button at www.forexlive.com.