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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.
Bitcoin's price extended its recent decline late Thursday, falling for the seventh day in nine, to as low as $50,450.
STORY CONTINUES BELOW
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.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
