Bitcoin Slides Under $81K as Trump Breaks a Line Bulls Held Since August

Bitcoin closed a daily candle below its 50-day moving average for the first time since August, as $318 million in long bets were wiped out in a single day. For roughly two months, bitcoin’s 50-day moving average (MA) acted like a floor where every dip toward it got bought. That status quo, however, changed on Friday, when bitcoin closed a daily candle below the indicator for the first time since August. As of Saturday morning, bitcoin is trading around $80,800, down 1% on the day. Coingecko’s daily closes put the 50-day average near $81,784, which means the line that used to catch the market is now sitting about $1,000 overhead. Traders tend to treat a reclaimed 50-day average as a sign of strength and a lost one as a warning.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.