Last Updated on April 24, 2021 by Jason
Bitcoin has continued its decline this week, and is now sitting at $50,450. The biggest cryptocurrency was doing alright at $51,800, but it has now declined even further than this. It has continued on a downward trend and has reduced 9.8% from Sunday, which is the biggest decline since late in February.
A potential cause of this is the current rally in alternative cryptocurrencies, as it slips behind its competitors. It has also gone below its 50-day moving value average, which is a sure sign that it is slowing down somewhat.
CEO of crypto derivatives Pankaj Balani says that Bitcoin is beginning to appear bearish.
“Bitcoin has slipped below the 50-day moving average support that it held sacrosanct through this rally, and looks like there is more downside here.”