RATE Group | Market Wrap: Traders ‘Buy the Dip’ as Bitcoin Hovers at $9,000
88883
post-template-default,single,single-post,postid-88883,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Market Wrap: Traders ‘Buy the Dip’ as Bitcoin Hovers at $9,000

22 May Market Wrap: Traders ‘Buy the Dip’ as Bitcoin Hovers at $9,000

Posted at 02:09h in Bitcoin News by

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.

btcmay21
Bitcoin trading on Coinbase since May 19
Source: TradingView

While the market appears to have turned bearish, Rupert Douglas, head of institutional sales at asset management firm Koine, said he planned to “‘buy the dip” — a popular phrase for accumulating an asset when prices drop in the belief that they’ll soon start going up again. 

Source link

Tags:
, , , , , , ,