A cohort of chart watchers on Wall Street say Bitcoin’s deepest selloff since crypto mania kicked off last year looks set to intensify. Prices have fallen about 30% from intraday highs in April, when prices topped $64,000. Purves says the next important level for Bitcoin is $42,000 because it roughly equates to where the rally topped out in January and a 50% retracement from December 2020 levels. “A pullback was bound to happen," said Justin Chuh, a senior trader at Wave Financial, which invests in crypto assets. Anchorage Digital Bank, which runs a digital asset platform for institutional investors, said it’s seeing clients maintain or increase crypto holdings.

Source: Mint May 18, 2021 13:05 UTC