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Bitcoin Price Decline Deepens, Heads for Worst Week Since February
Technical charts suggest a weakening trend, with altcoins rallying, as bitcoin slides toward $50,000.
Updated Sep 14, 2021, 12:45 p.m. Published Apr 22, 2021, 9:30 p.m.
Bitcoin's price extended its recent decline late Thursday, falling for the seventh day in nine, to as low as $50,450.
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The largest cryptocurrency was changing hands around $51,800 as of 21:23 coordinated universal time (5:23 p.m. ET).
Bitcoin (BTC) is down 9.8% since Sunday, the biggest drop on the weekly price charts since late February.
A recent rally in prices for ether (ETH) and other alternative cryptocurrencies has coincided with a stalling out in bitcoin's rally this year.
Earlier Thursday, bitcoin's so-called dominance ratio – its market capitalization as a share of that for all cryptocurrencies – slipped below 50% for the first time since 2018.
Bitcoin also has broken below its 50-day moving price average on the daily chart, seen as a sign of slowing momentum.
Pankaj Balani, CEO of crypto derivatives venue Delta Exchange, told CoinDesk earlier Thursday the outlook was starting to look bearish for bitcoin.
“BTC has slipped below the 50-day moving average support that it held sacrosanct through this rally, and looks like there is more downside here,” Balani said.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
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- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
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