BTC continues lower

Bitcoin continued lower today with the most active April contract of BTC futures currently as of 4:50 PM EST, trading down by 2.41% ($1,365) on the day and fixed at $55,350. The low today matches up with the 50-day moving average, which is where minor support lies. If we break through this level the next level of support is at approximately $50,900. This area of support was originally a Fibonacci harmonic between two older data sets, as well as an area of support tested in March. If we see a break below that area of support, we could see a swift fall to the 100-day moving average at $41,600 which is $10,000 lower than the support made in March.

This recent downturn in Bitcoin’s price is occurring as Ethereum prices are just below their record highs. The switch of power has been occurring as BTC continues to slowly lose its market dominance, as we spoke about in yesterday’s article.

On a bullish fundamental note Mayor Scott Conger of Jackson, Tennessee, tweeted earlier this week, “What does the future of cryptocurrency look like for the city of Jackson? We’re exploring payroll conversions for our employees. Even more exciting - we’re seriously exploring mining Bitcoin to add to our Balance sheet,”

This is the second U.S. City to take a deep look into cryptocurrencies as a solution to many inadequacies that they are currently plagued by after Miami-Dade County made a similar announcement earlier this year.