Bitcoin has sunk over the past 24 hours by more than 7%, hitting a three-week low of $8,713 on Bitfinex but recovering over the course of today, Friday, May 11th.
After failing to test the $10,000 mark, the leading cryptocurrency. At the time of writing, Bitcoin is changing hands around $8,700 which is below the 100-day moving average of $8,849 and down 2.42% from the previous day’s close of $9,018.
The 10% decline (in total) from the recent high of $9,990 has weakened the bullish move and boosted the odds of even a deeper drop to the 50-day moving average which is lined up at $8,282.
The Relative Strength Index (RSI) on Bitcoin also dipped below 50.00, confirming a short-term bullish-to-bearish trend change and opening the doors of a potential drop over the next couple of days. The 5-day MA and 10-day MA are also quite negative, witnessing the recent bearish crossover earlier this week.
Over the past 4 hours, though, Bitcoin managed to rise by 0.50% and now holds ground above the ,500 mark.
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Experts say that the leading cryptocurrency may revisit the $9,000 mark over the weekend an – with a potential bullish scenario.
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