Bitcoin Reclaims Key Technical Support, Fights For $9,000
Bitcoin traded at its 50-day moving average for the first time in almost two months as it struggled to break the $9,000 mark Monday.
The speculative asset class rose 0.7% to $8,850.61, according to Coindesk. It had last moved above its 50-day line, a key technical support, on its chart way back on March 5. It is also set to test its 200-day line.
Over the weekend the price had soared as high as $9,021, its highest level since March 2, but then retreated.
Among Bitcoin-related stocks, Riot Blockchain (RIOT) was down 1.5% on the stock market today, Overstock.com (OSTK) rose 1.1%, Marathon Patent Group (MARA) climbed 7% and Bitcoin Investment Trust (GBTC) advanced 2%.
As for other cryptocurrencies, Ethereum rose 2.3% and Ripple, also known as XRP, dipped 0.4%. Bitcoin Cash leapt nearly 14% amid reports that a key miner is “burning” some of the digital coins it gets, thus reducing supply.
Last week Nasdaq-listed Riot Blockchain revealed it is the latest cryptocurrency-related stock to get a Securities and Exchange Commission subpoena. It also disclosed several lawsuits in its annual SEC filing. The report showed that Riot Blockchain is carrying forward an operating net loss of $105 million.
Earlier this month Nasdaq delisted Long Blockchain for “statements designed to mislead investors.” The company had made waves after it pivoted from selling iced tea right at Bitcoin’s December peak.
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