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Crypto: Bitcoin wavers around $40,000

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Yahoo Finance's Jared Blikre breaks down the latest price action for bitcoin as the cryptocurrency's price falls.

Video transcript

JULIE HYMAN: Well, as we set up for the opening bell this morning, there is something else that is causing a lot of excitement or consternation in markets, depending on where you stand. And that is Bitcoin, on some exchanges, falling below 40,000. Our Jared Blikre green has been watching this closely as well. Jared, what does this mean, from a charting perspective, that it continues to fall?

JARED BLIKRE: Well, this is some pretty negative price action right here. And I thought this move might have happened, if it were going to happen, it would have happened over the weekend. But this is just kind of accelerating to the downside over the last few minutes.

And you can see, barely holding 40,000 right now. In fact, I've been looking at some other exchanges. We use a blended average of many, many different exchanges. But on some, it's definitely breached that 40,000 mark.

I mentioned the weekend. So let's take a look at what happened. Really, we did get a little bit of a downdraft on Saturday to 41,000. Price quickly recovered. Looked like we might have a false breakdown right there. But indeed, we have now substantiated that breakdown. And we are seeing that 40,000 level.

We haven't seen these prices, I think, in about three months. Here's a six-month view. And I will put the candlesticks on there. So yes, some negative price action in the cryptos right now.

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