Bitcoin loses altitude after record high earlier in the week

Author: Justin Low | Category: Cryptocurrency

Bitcoin slumps 4% in a drop back below $61,000

Bitcoin D1 16-04
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The anticipation ahead of Coinbase IPO provided an impetus for Bitcoin to push above $64,000 earlier in the week but the disappointing performance in Coinbase shares have provided little reason for investors to be cheerful in following through on the move.

Although price is still holding above its reference of $250, Coinbase shares are down nearly 25% from the highs upon IPO on Wednesday. It's just one of those IPO things and why retail should stay away from buying direct listings in general.

The news from Turkey earlier today here also isn't helping with sentiment.

Anyway, back to Bitcoin, the drop today sees price track back below the 13 March high @ $61,788. That's not an encouraging sign, although support closer to $60,000 will be the next one to watch in gauging buyers' conviction before testing the trendline support levels (white lines) highlighted in the chart above.

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