By Samuel Indyk
Investing.com – Bitcoin continued its recent slow decline on Thursday, with the price briefly dropping below $44,000 for the first time since 12th August.
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The recent upside momentum in Bitcoin has slowed markedly this week but the price remains elevated compared to the lows hit in mid-July when Bitcoin was trading below $30,000.
Technical Picture
After falling back below the 200-day moving average (dma) earlier this week, that level is now acting as resistance around $45,600.
A move back above the 200-dma could open the door to the recent high near $48,000 before a move towards $50,000.
To the downside, the 23.6% Fibonacci level from the July low to the August high comes in around $43,600 which could act as support if a clean break below $44,000 is made.
The 8th August low at $42,800 could then also act as support.
Below that and $42,500 looks like a potential key level, as it marked the high print on 1st August.
Below this level brings the psychological $40,000 level back into play, a level that Bitcoin hasn’t traded below since 6th August.
“The medium-term outlook still looks promising for Bitcoin but the near-term could see profit taking continue and major prior resistance levels re-tested from above,” said OANDA Senior Market Analyst Craig Erlam in an emailed note.
At 13:22BST, Bitcoin trades around $44,350, down around 1% in the last 24 hours.
Dogecoin
One major cryptocurrency that hasn’t declined on Thursday is Dogecoin. The meme-based token trades higher by around 6% in the last 24 hours following an earnings update from Robinhood (NASDAQ:HOOD).
The trading platform reported quarterly results for the first time as a public company on Wednesday and said that Dogecoin trading accounted for 62% of its cryptocurrency revenue in Q2. Cryptocurrency trading accounted for 52% of transaction-based revenue during the quarter.
Further supporting the price of Dogecoin is news that a number of 'Doge influencers' are planning on holding 'The Doge Conference' in March next year. The conference is set to take place in Las Vegas with a unifying vision to "bring all crypto communities together". It is not known which influencers and speakers will be attending the event.
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