CryptoWatch: Bitcoin holds steady as equity markets tumble

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The No. 1 digital currency failed to capitalize on a good start to the week, trading lower Friday, as technical indicators and overall market sentiment weighed on digital currencies.

A single bitcoin BTCUSD, +0.26% last changed hands at $8,590.09, down 1.4%. It had reached an overnight peak of $8,715.31. The relatively placid trading for bitcoin comes as equities tumbled for a second straight session.

Technical outlook shaky

The rally to begin the week pushed the price of bitcoin toward $9,100 and near two key technical levels—the 50-day moving average at $9,401 and the 200-day moving average at $9,223. Chart watchers use moving averages to help assess short-term and long-term trends in an asset.

Trading view

What’s more, the failure above $9,000 was part of broader chart congestion.

“I think the whole March 9 to 14 trading range [$9,302 to $7,370] is a resistance in itself,” said Rob Sluymer, technical strategist at Fundstrat

“Even more than the moving averages, I think this is an important trading range,” Sluymer said, adding that there is short-term support at $8,235.

Binance is on the run

After recent regulatory issues in Japan, Hong Kong-based Binance, a popular crypto exchange, said it’s moving its headquarters.

Founder and CEO Changpeng Zhao said the trade platform would move to the European island of Malta.

“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech,” Zhao told Bloomberg.

Read: Binance tells customers funds are safe after tech glitch

Other markets

It was a relatively quiet finish for so-called altcoin, or alternative coins. Ether is down 2.5% at $525.88, Bitcoin cash down 0.9% at $1,001.62, Litecoin is off by 0.5% at $162.85 and Ripple underperformed, falling to 63 cents, down 4.3% today.

After opening in the red, bitcoin futures clawed back most of the mornings losses. The Cboe Global Markets April contract XBTJ8, +0.23%  closed unchanged at $8,605 and the CME Group Inc. March contract BTCH8, -0.12%  finished at $8,615, down 0.2%.

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