Market Wrap: Traders ‘Buy the Dip’ as Bitcoin Hovers at $9,000
Bitcoin fell for a second day, extending a downdraft triggered by Wednesday’s revelation that a member of the cryptocurrency community from the blockchain’s earliest days in 2009 had moved a long-dormant cache of coins.
As of 20:30 UTC (4:30 p.m. ET), bitcoin (BTC) was trading at $9,044, a loss of 5.6% over 24 hours.
Bitcoin remains well below its 10-day and 50-day technical indicator moving averages — a signal of bearish sentiment.
At 14:00 UTC (10 a.m. ET) the world’s oldest cryptocurrency began experiencing high selling volume on exchanges including Coinbase, dropping bitcoin below $9,000 for the first time since May 13.
Bitcoin trading on Coinbase since May 19Source: TradingViewWhile the market appears to have turned bearish, Rupert Douglas, head of institutional sales at asset mana...