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Bitcoin Price Decline Deepens, Heads for Worst Week Since February

Bradley Keoun
·1-min read
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Bitcoin’s price extended its recent decline late Thursday, falling for the seventh day in nine, to as low as $50,450.

The largest cryptocurrency was changing hands around $51,800 as of 21:23 coordinated universal time (5:23 p.m. ET).

Bitcoin (BTC) is down 9.8% since Sunday, the biggest drop on the weekly price charts since late February.

Related: Dogecoin and the New Meaning of Money

A recent rally in prices for ether (ETH) and other alternative cryptocurrencies has coincided with a stalling out in bitcoin’s rally this year.

Earlier Thursday, bitcoin’s so-called dominance ratio – its market capitalization as a share of that for all cryptocurrencies – slipped below 50% for the first time since 2018.

Bitcoin also has broken below its 50-day moving price average on the daily chart, seen as a sign of slowing momentum.

Pankaj Balani, CEO of crypto derivatives venue Delta Exchange, told CoinDesk earlier Thursday the outlook was starting to look bearish for bitcoin.

Related: Sudan and the Human Rights Case for Bitcoin

“BTC has slipped below the 50-day moving average support that it held sacrosanct through this rally, and looks like there is more downside here,” Balani said. 

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