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Technology Bitcoin treads water around $8,000 after its worst week of the year

07:45  30 september  2019
07:45  30 september  2019 Source:   marketwatch.com

Bitcoin Is Posting Biggest Weekly Decline Since November

Bitcoin Is Posting Biggest Weekly Decline Since November Bitcoin’s having its worst week this year, and the rest of the cryptocurrency market isn’t doing much better. The world’s largest digital asset fell about 15% this week to around $10,145, the biggest five-day slide since November. The Bloomberg Galaxy Crypto Index has slumped about 12%, only the worst drop in four weeks. “People thought at certain points in the last year or so that cryptocurrencies would become the flight to safety trade,” said Matt Maley, an equity strategist at Miller Tabak + Co. “The cryptocurrency is losing some of that luster of being considered a safe asset.

Bitcoin has suffered its worst weekly candle since December 2018 after falling to $ 8 , 000 just days after Bakkt launched its Bitcoin futures product. Price is currently being propped up by the 50 exponential moving average (EMA) on the weekly chart, which is residing at ,850.

Bitcoin has suffered its worst weekly candle since December 2018 after falling to $ 8 , 000 just days after Bakkt launched its Bitcoin futures product. Price is currently being propped up by the 50 exponential moving average (EMA) on the weekly chart, which is residing at ,850.

a close up of a logo: Bitcoin is still up about 115% this year.© Getty Images Bitcoin is still up about 115% this year.

The price of bitcoin struggled to remain above the $8,000 level Sunday, following its worst weekly price loss of the year.

Bitcoin (BTCUSD) was above $10,000 as recently as last Sunday, but has since fallen about 20%. As of Sunday night, bitcoin was around $8,020, according to CoinDesk.

The leading cryptocurrency has fallen about 34% over the past three months. In June, bitcoin topped the $10,000 mark for the first time since early 2018.

“Bitcoin’s recent price drop is a result of technical and fundamental factors,” Bitbull Capital CEO Joe DiPasquale wrote last week, according to Barron’s.

Digital Gold Mantra Revived After Bitcoin Tops Technical Hurdle

Digital Gold Mantra Revived After Bitcoin Tops Technical Hurdle Bitcoin extended its recent rally above $10,000 on Friday, crossing over a key technical level that could mean further gains ahead. The largest digital token climbed above its 50-day moving average, an indicator used to analyze trends and potential inflection points. Though it has been trading in a narrow range between its 50- and 100-day moving averages for weeks, some analysts see the former acting as a ceiling. A decisive break above could be a bullish signal.

Bitcoin has suffered its worst weekly candle since December 2018 after falling to $ 8 , 000 just days after Bakkt launched its Bitcoin futures product. Price is currently being propped up by the 50 exponential moving average (EMA) on the weekly chart, which is residing at ,850.

Investing.com - Bitcoin managed to hold its ground on Friday after a sharp correction a day earlier wiped nearly , 000 off its value. Bitcoin remains on track for weekly gains of 21% and has still surged 220% this year from ,709 at the end of 2018, though it remains a far cry from all-time highs

Crypto trader Josh Rager, co-founder of BlockRoots, tweeted Sunday that bitcoin could bounce back nearly 10% if it manages to stop its slide and can stay above the $8,000 level.

Still, bitcoin is up 115% year to date, and is well above its 2019 low of around $3,400 in January. Bitcoin’s 52-week low of $3,167 was hit in December. The digital coin hit an all-time high near $20,000 at the end of 2017, and currently has a market cap of about $144.6 billion, according to Coinmarketcap.com.

JPMorgan Says ICE Debut, Position Shakeout Likely Tanked Bitcoin .
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