Bitcoin sees muted action, consolidates after drop under key, long-term trend line

Digital currencies have taken a further pause Thursday, with most major assets trading in relatively tight ranges.

The No. 1 digital currency, Bitcoin

BTCUSD, -2.47%

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

Bitcoin rejects at 200-day MA—again

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.

However, Bitcoin’s uptrend halted in its tracks Wednesday, just shy of the crucial level, falling more than 10%.


The 200-day moving average has provided stiff resistance in the past. A mid-March rally took Bitcoin above $9,000 before failing shy of the momentum indicator.

What are altcoins and futures doing?

Meanwhile, Ether

ETHUSD, -0.70%

is relatively unchanged at $636.77, Bitcoin Cash

BCHUSD, -0.07%

 has added 1.2% at $1,346.60, Litecoin

LTCUSD, -2.08%

 is lower by 1.3% at $147.09 and Ripple’s XRP

XRPUSD, -2.31%

 is off 1.6% at 81 cents.

Bitcoin futures are slightly lower to begin Thursday. The Cboe’s May contract

XBTK8, -2.54%

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