Bitcoin fell to its lowest level in seven weeks on Monday as it continued to struggle with the $ 50,000 level and nearby specs.

The largest cryptocurrency fell to $ 47,079 in early Asian trading before rebounding. It rose 5.3% to $ 50,666 as of 9:01 a.m. in Hong Kong. It did so after falling below the 100-day moving average for the first time since early October late last week after JPMorgan Chase & Co. warned that its upward momentum could be jeopardized.

“Bitcoin created a huge void last week that could last a lot longer than the bulls would like to see,” said Rick Bensignor, president of Bensignor Investment Strategies, in a note on Monday.

The digital asset has stumbled since it hit a record $ 64,870 on April 14, carried by the buzz of the Coinbase Global Inc. listing. The collapse of two crypto exchanges in Turkey late last week could also have dampened the mood in the debate over whether cryptocurrencies could be in a bubble.

The lack of momentum over the weekend continued despite another possible reference to cryptocurrencies from Elon Musk on Twitter on Saturday. “What does the future hold?” He asked using a term that is often viewed as “sticking to life” that crypto backers use to refer to buying and holding their digital assets.

Nevertheless, Bitcoin has held up well in the medium term and has achieved an increase of around 70% since the beginning of the year, as well-known investors advocate this and institutes from Goldman Sachs Group Inc. to the Bank of New York Mellon are further developing their offers with regard to cryptocurrencies. JPMorgan’s John Normand reiterated in a note Friday that Bitcoin’s rise has been steeper than any other financial innovation or bubble in the past 50 years.

Before it’s here, it’s in the Bloomberg Terminal.

LEARN MORE