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.
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.
Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
“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.
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%.