Market Wrap: Bitcoin Declines Into the Weekend, as Volatile Month Continues
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The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.
Bitcoin traded lower on Friday as the price struggled near the $35,000 resistance level. The cryptocurrency was trading around $32,000 at press time and is down about 8% over the past 24 hours. Some analysts expect continued weakness into the weekend as a volatile month nears its end.
Latest prices
Cryptocurrencies:
Bitcoin (BTC) $31967.4, -8.27%
Ether (ETH) $1842.9, -8.45%
Traditional markets:
S&P 500: 4280.7, +0.33%
Gold: $1779.2, +0.22%
10-year Treasury yield closed at 1.531%, compared with 1.492% on Thursday
Traders whipsawed
Ongoing concerns about regulatory crackdowns and environmental issues have weighed on bitcoin’s price over the past few months. The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.
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