Bitcoin erases the April rally as it falls back to $28,000

<p>Two days of heavy selling have erased the April rally in bitcoin and knocked it back to $28,000. It's still up 40% in the past six weeks but the turn marks an end to the latest leg of momentum.</p><p>Bitcoin has also had a knack for leading changes in risk sentiment. The decline today, along with a 10.5% fall in Tesla shares shares points to broader trouble ahead.</p><p>As for bitcoin itself, there isn't much on the chart right now to argue for aggressive selling. There's solid support down to the late-March lows of $26,500. However if that breaks, then the momentum trade can hit hard. Just look at the big red candles on the chart in the past year.</p>

This article was written by Adam Button at www.forexlive.com.