Bitcoin briefly dropped below its 50-day moving average, sliding back further into the range in which it has traded this year. The digital token fell over 2% to $41,917. The world’s largest and most popular cryptocurrency is down more than 9% in 2022 (year-to-date or YTD) so far.
Bitcoin has been in a trading range of around $35,000 to $45,000 for much of the year so far. The breakout above $48,000 last month took the cryptocurrency‘s price to year-to-date highs, but the token hit resistance around its 200-day moving average.