Cryptocurrencies
Bitcoin Breaches $50,000 Threshold With Technicals Back in Focus
- Largest digital asset falls for seventh time in eight sessions
- Relative strength indicator is nearing an oversold level
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Bitcoin headed for its worst week in almost two months as a proposed capital-gains tax increase for wealthy Americans intensified the volatility whiplashing the world’s largest cryptocurrency.
A fresh bout of selling on Friday drove Bitcoin down as much as 7.9% to $47,525 -- below its 100-day moving average -- as it continued to take out key technical levels. Wall Street analysts warn of further losses for the notoriously volatile currency that hit a record high of $64,870 on April 14 ahead of Coinbase Global Inc.’s listing, before succumbing to an unexplained weekend swoon.