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Cryptocurrencies Reach Inflection Point as Refuge Appeal Fades

  • Bloomberg Galaxy Crypto Index is down 18% over past two weeks
  • Index trading around 400 for 6 days without meaningful break

The Bloomberg Galaxy Crypto Index is lingering near a key inflection point after trending lower since reaching a high for the year.

The index, which tracks major cryptocurrencies, faces support at 400, a resistance line it established between late October and early November. It’s traded in its vicinity for the past six days without breaking meaningfully in either direction. If it maintains that support level, the index could bounce and rally. Should it fail to cling to the mark, however, 350 could be its next line of support.