Digital currencies have taken a further pause Thursday, with most major assets trading in relatively tight ranges.
The No. 1 digital currency, bitcoin BTCUSD, -2.68% slipped back below $9,000, trading to its lowest level of the week at $8,660.87. A single bitcoin last traded at $8,847.25, down 2.5%, since Wednesday levels at 5 p.m. Eastern Time on Kraken.
Despite the decline Wednesday, industry participants remain upbeat, with the price of bitcoin still 30% off its April low.
“Overall things remain positive,” said Charles Hayter, co-founder of CryptoCompare. “The Nasdaq’s holistic approach to bitcoin and digital currencies where everything should trade anywhere at anytime shows a long-term vision for the space.”
Hayter added that the news Revolut had raised $250 million shows venture capital money is slowing increasing its push into the cryptocurrency and fintech industry.
Read: ‘OK, I’ll say it: bitcoin is a scam,’ says the former CEO of PayPal and Intuit
Bitcoin rejects at 200-day MA—again
The one concern for crypto investors is on the technical front. After a good two-week run, traders had hoped the momentum would take bitcoin through its 200-day moving average and test the psychological $10,000 level. Moving averages tend to be used by market technicians as a gauge of bullish and bearish momentum.
However, Bitcoin’s uptrend halted in its tracks Wednesday, just shy of the crucial level, falling more than 10%.
The 200-day moving average has provided stiff resistance in the past. A mid-March rally took bitcoin above $9,000 before failing shy of the momentum indicator.
What are altcoins and futures doing?
Meanwhile, Ether ETHUSD, -0.63% is relatively unchanged at $636.77, Bitcoin Cash BCHUSD, +0.24% has added 1.2% at $1,346.60, Litecoin LTCUSD, -1.94% is lower by 1.3% at $147.09 and Ripple’s XRP XRPUSD, -2.34% is off 1.6% at 81 cents.
Bitcoin futures are slightly lower to begin Thursday. The Cboe’s May contract XBTK8, -2.54% is off 2.4% at $8,850 and the CME Group Inc. April contract BTCJ8, -1.56% is down 0.9% at $8,890.
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