Published: Feb 21, 2018 1:51 p.m. ET Bitcoin loses $1,000, falls back below $11,000 Digital currencies lost ground Wednesday as overall market sentiment waned, pushing the price of bitcoin back under $11,000. After trading above $11,700 late Tuesday evening, the price of the No.
1 digital currency, bitcoin
lost more than $1,000, trading to a session low of $10,363.30 before trading at a level at $10,586.37, down 5.8%. After nearly doubling in price since the Feb.
6 low of $5,947.40, traders have begun dumping some of their holdings, market participants said. “This rebound took a lot of pressure off of BTC owners, but we will start running into overhead resistance,” Jani Ziedins said in a research note, referring to trading levels that market technicians view as points where selling tends to be triggered.
“Many premature dip-buyers jumped in between $12k and $15k and we should expect many of those regretful owners to sell when they can get their money back. Their selling will slow the assent over the near-term,” he said.
Elsewhere, the persistent debate about the utility of cryptos as a currency got its latest critic when Bank of England Gov. Mark Carney said bitcoin had “pretty much failed” as a currency. Read more from marketwatch.com…
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