Bitcoin Price Decline Deepens, Heads for Worst Week Since February
Bitcoin’s price extended its recent decline late Thursday, falling for the seventh day in nine, to as low as $50,450.
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.
Related: Dogecoin and the New Meaning of Money
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.
Related: Sudan and the Human Rights Case 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.
