Bitcoin Near Turning Point as Bearish Signs Abound After Rally
- Coin fell below 50-day moving average, GTI Vera lower band
- Cryptocurrencies under pressure due to regulatory scrutiny
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Bitcoin may be closer to a turning point as cryptocurrencies struggle with greater scrutiny and bearish signs pile up.
Some technical indicators for the world’s largest digital coin have been pointing to further losses. It has broken below its 50-day moving average support, which could signal the end of a recent uptrend that brought it close to $14,000 at the end of June. Bitcoin has also fallen under the lower limit of the GTI Vera Band indicator, which measures up and down trends, and is trading around $9,575 as of 12:16 p.m. in New York.