A brief spike to $84,000 early Wednesday faded within the hour, leaving bitcoin down 0.5% at about $83,200. It’s still boxed between its 50-day moving average near $81,000 and a ceiling at $84,000.
The 50-day moving average is bitcoin’s average closing price over the past 50 days, and traders watch it for the medium-term trend. Buyers defended it on Tuesday, when bitcoin bottomed near $81,000, but they haven’t managed to push the price through $84,000 since.
ZEC and TRX were the only gainers among the majors, up about 1%. HYPE was the laggard, down 2% to about $81. SOL fell 1.4% and ether slipped 1% to just under $2,500, according to CoinDesk data.
Bitcoin trades close to the Nasdaq 100 in how institutions rank risk, and “the latter’s caution is preventing Bitcoin from spreading its wings,” said Alex Kuptsikevich, chief market analyst at FxPro.
Nasdaq 100 futures were little changed, and an ETF tracking chipmakers pointed to another day of selling even after ASML rose more than 2% in Europe. The chip-equipment maker said it can’t fully meet demand for the next two years. Bank of America and Morgan Stanley report later Wednesday, and forecasts point to the September U.S. inflation report showing a slowdown in underlying prices.
A daily close above $84,000 would be the first sign that buyers have broken out of the range.