Bitcoin News

Bitcoin catches its breath around $10,100 after falling under a key trend line

No. 1 cryptocurrency bitcoin showed little change early Wednesday, pausing after the prior day’s drop that briefly took it under $10,000.


BTCUSD, -0.73%

 was changing hands at $10,134, roughly where it was late Tuesday. The virtual currency is down about 28% for the month with one session to go in January, having ended 2017 around the $14,000 mark.

Some chart-watching analysts noted that bitcoin has dropped under a trend line that had been providing support in January, meaning buyers had been stepping in at that level. The trend line is shown in red in the chart below from Wednesday’s Daily Shot newsletter.

Daily Shot

Bitcoin’s chart shows a breakout to the downside.

February bitcoin futures on the Cboe

XBTG8, -1.14%

 were little changed at $10,080, while those on the CME

BTCG8, +0.25%

were at $10,030.

Tuesday’s slump was attributed in part to stricter regulations going into effect in a key market — South Korea.

Also Tuesday, Facebook Inc.

FB, +1.11%

 generated headlines due to its ban on bitcoin advertising on its social network.


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