Why bitcoin at $80,806 slipped below its 50-day line after 66 days: what matters now

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Analysis: the bitcoin price stands at $80,806 on Saturday morning, 1.23 percent below its 50-day moving average of $81,807, which it had held for 66 days. What the four moving averages, the ETF outflows and the mining difficulty adjustment on October 29 mean for the coming trading days.The bitcoin price stood at $80,806 on Saturday morning, a second consecutive day below its 50-day moving average. That average sits at $81,807 on our own calculation, a gap of $1,001 or 1.23 percent. Two things are therefore documented: the price has fallen through a moving average it had held for 66 days, and it remains 10.84 percent above its 200-day average. Our assessment follows further down: the break is a level that trading programmes orient themselves by, not a verdict on the trend. For Bitcoin this is the first extended spell below that line since late summer. On October 23 the price closed at $81,328, which was $459 below the 50-day average of $81,787 at the time. By Saturday morning the...