Bitcoin successfully tests key support level near $40,000 but crypto positioning remains risk-off

Bitcoin
Nurphoto / Getty ImagesA deterioration in short-term momentum for bitcoin led to a 13% sell-off in the past week.But bitcoin managed to successfully test a key technical support level near $39,900 on Tuesday.Cryptocurrencies still remain in risk-off mode as bitcoin continues to outperform ether on a relative basis.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.A sell-off in bitcoin on Tuesday tested a key technical support level for the cryptocurrency, but ther