Bitcoin Touches Six-Month Low as More Supports Give Way
- Largest digital token is headed for a third week of declines
- Cryptocurrency has fallen through 50-, 100- and 200-day MAs
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Bitcoin’s sell-off deepened on Friday, putting the digital token at the lowest level since May, after it dropped below yet another key support level.
The world’s most-traded cryptocurrency declined as much as 11% to $6,798, before trimming losses. Alternative coins such as Ether and Litecoin also slumped. For the first time since April, Bitcoin fell below its 200-day moving average without bouncing back, a signal that traders see the breach as a sign of weakness rather than an opportunity to buy.