RATE Group | Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week
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Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week

16 May Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week

Posted at 00:47h in Cryptocurrency News by

Bitcoin’s steady price gains over the past few days ended Friday. With the halving in the rearview mirror, cryptocurrency traders could consider the impact of a continued global economic slowdown after new data showed retail sales dropped to record lows and unemployment numbers continue to worsen.

The world’s first cryptocurrency is trading below its 10-day and 50-day moving averages, a bearish technical indicator. At press time, BTC was trading down 3.4% over 24 hours at $9,340 00:00 UTC Friday (4 p.m. ET). Bitcoin had experienced steady gains since May 13, yet stumbled in early trading at 02:00 UTC Friday, quickly dropping 5%. Since then, bitcoin clawed back some gains but continues to trend downward. 

btcmay15
Bitcoin trading on Coinbase since May 13
Source: TradingView

“Outside events are much more likely to impact bitcoin’s price, like a possible crash of the economy” because of COVID-19, said Alessandro Andreotti, an Italian over-the-counter cryptocurrency trader. 

Uncertainty…

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