Cryptocurrencies
Bitcoin Continues Retreat as 200-Week Average Takes Focus Again
- Oanda’s Erlam is keeping an eye on the $22,500 level
- Genesis notes pause in long-term investors’ accumulation
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Bitcoin fell for a fifth day in the past six in a continued retreat toward a key technical level as investors mulled mixed signals from Federal Reserve officials around the potential pace of interest-rate hikes.
The largest cryptocurrency dropped as much as 3% to $22,716.59, the lowest level since Aug. 10 and close to its 200-week moving average near $23,000, which Genesis Trading pointed to as a measure historically in focus for the market. Number two Ether dropped as much as 3.8%. The likes of Polygon, Solana and Avalanche declined 7% or more.