Bitcoin has traded in a tight range between $59,000 and $60,000 for five straight days. Analysts warn that a break lower could target $40,000. Pressure is mounting from a stronger U.S. dollar and plans by Strategy to potentially sell more than $1 billion of its Bitcoin reserves.
Bitcoin traded around $59,250 on Tuesday after failing to hold above $60,000 the previous day. The token is testing support levels below its 50-day and 200-day moving averages, both of which are sloping downward.
Ether fell to about $1,580 while other major cryptocurrencies posted steeper weekly losses. Dogecoin dropped 11.9 percent over seven days to $0.072.
Strategy, the largest corporate holder of Bitcoin, said it may sell more than $1 billion of the token to shore up finances. The move reverses founder Michael Saylor's long-standing refusal to sell.
Onchain data showed muted demand, with active addresses near the low end of recent ranges and transaction fees contracting. The Japanese yen hit a 40-year low, boosting the dollar and adding to pressure on dollar-priced assets.
