Published: Apr 26, 2018 9:29 a.m. ET Wednesday’s rejection of the 200-day moving average was the second consecutive failure at the key momentum indicator Digital currencies have taken a further pause Thursday, with most major assets trading in relatively tight ranges. The No.
1 digital currency, bitcoin
slipped back below $9,000, trading to its lowest level of the week at $8,660.87. A single bitcoin last traded at $8,847.25, down 2.5%, since Wednesday levels at 5 p.m. Eastern Time on Kraken.
Despite the decline Wednesday, industry participants remain upbeat, with the price of bitcoin still 30% off its April low. “Overall things remain positive,” said Charles Hayter, co-founder of CryptoCompare.
“The Nasdaq’s holistic approach to bitcoin and digital currencies where everything should trade anywhere at anytime shows a long-term vision for the space.” Hayter added that the news Revolut had raised $250 million shows venture capital money is slowing increasing its push into the cryptocurrency and fintech industry. Read: ‘OK, I’ll say it: bitcoin is a scam,’ says the former CEO of PayPal and Intuit The one concern for crypto investors is on the technical front.
After a good two-week run, traders had hoped the momentum would take bitcoin through its 200-day moving average and test the psychological $10,000 level. Moving averages tend to be used by market technicians as a gauge of bullish and bearish momentum. Read more from marketwatch.com…
thumbnail courtesy of marketwatch.com