Market Wrap: Attempts to Push Bitcoin Above $40K Stall
Some analysts are optimistic while others prefer to see stronger signs of upside momentum before calling a bottom.
Bitcoin gave up some gains on Wednesday, suggesting the short-squeeze rally is fading.
Bitcoin’s near 50% decline from all-time highs surprised analysts as China’s crackdown fueled bearish sentiment.
The move caused prices for many altcoins to plummet by 50% or more, causing considerable losses among retail investors.
Bitcoin’s "death cross" could increase selling pressure into the weekend.
The U.S. central bank also increased estimates of coming inflation to 3% from the 2.2% projection in March, largely due to transitory factors.