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Bitcoin: Despite Recent Slump, Strategists Say Keep An Eye On These 2 Key Levels For What Happens Next


U.S. stocks may be having a subdued start to a big week of earnings, but bitcoin and other cryptocurrencies have been far from quiet.

Bitcoin prices BTCUSD, -0.52% slumped over the weekend, at one point reaching $51,907 — down around 20% from a recent peak of $64,829 in February. The benchmark crypto recovered some ground into Sunday evening but was trading 1.8% down at $55,224 on Monday.

Some are viewing the pullback as a pause, including former Goldman Sachs GS, +0.23% hedge-fund manager Raoul Pal. The crypto bull said in a tweet he always feels “relieved” after big liquidations of leveraged longs on crypto, adding that it “cleans up the market.”

In our call of the day, Miller Tabak & Co. chief market strategist Matt Maley said investors couldn’t draw any conclusions from the weekend’s action, but that this week’s normal trading hours were crucial.

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