Bitcoin Price Registers Sharp Fall

Bitcoin (BTC) hit a three-week low of $8,713 on Bitfinex earlier and looks set to extend losses further, price chart analysis indicates.

The cryptocurrency failed to cut through the descending (bearish) 5-day moving average (MA) located at $9,382 yesterday, despite the bullish falling channel breakout on May 9, and fell below the $9,000 mark as anticipated.

As of writing, BTC is changing hands around $8,800 - below the 100-day moving average (MA) of $8,849 and down 2.42 percent from the previous day's close (as per UTC) of $9,018.

The 10 percent decline from the recent high of $9,990 has weakened the bulls and has boosted the odds of a deeper drop to the 50-day moving average lined up at $8,282.

Bitcoin (BTC) hit a three-week low of $8,713 on Bitfinex earlier today and looks set to extend losses further, price chart analysis indicates.

The cryptocurrency failed to cut through the descending (bearish) 5-day moving average (MA) located at $9,382 yesterday, despite the bullish falling channel breakout on May 9, and fell below the $9,000 mark as anticipated.

As of writing, BTC is changing hands around $8,800 - below the 100-day moving average (MA) of $8,849 and down 2.42 percent from the previous day's close (as per UTC) of $9,018.

The 10 percent decline from the recent high of $9,990 has weakened the bulls and has boosted the odds of a deeper drop to the 50-day moving average lined up at $8,282.

Ref: Coindesk Report