The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.
In February, the now-bearish Minerd said BTC could climb as high as $600,000.
The stablecoin supply ratio oscillator is recovering in a sign of renewed capital inflow into bitcoin.
Bitcoin's short-term downtrend is slowing, although upside appears to be limited heading into the weekend.
Bitcoin is recovering from a volatile shakeout. Options expiry has large open interest around $40K.
Bitcoin is down about 12% over the past seven days and was trading around $33,000 at press time.
Bitcoin gave up some gains on Wednesday, suggesting the short-squeeze rally is fading.
BTC is up 9% over the past 24 hours.
Bitcoin’s near 50% decline from all-time highs surprised analysts as China’s crackdown fueled bearish sentiment.
BTC is down about 22% over the past seven days.
The CNBC broadcaster sees more downside.
Bitcoin’s ‘death cross’ could increase selling pressure into the weekend.
BTC buyers struggled near $40K resistance this week. Upside appears to be limited.
Bitcoin is under pressure as Fed taper concerns linger, although some expect crypto to remain resilient.
Upside momentum has been weak, which means the corrective phase from May is not yet complete.