{"id":327003,"date":"2019-11-09T06:41:24","date_gmt":"2019-11-09T04:41:24","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=327003"},"modified":"2019-11-09T06:43:05","modified_gmt":"2019-11-09T04:43:05","slug":"bitcoin-drops-below-9000-2","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/327003-bitcoin-drops-below-9000-2.html","title":{"rendered":"Bitcoin drops below $9,000"},"content":{"rendered":"

Bitcoin\u2019s push back below $9,000 has a key technical indicator suggesting the cryptocurrency risks entering a selling trend.<\/p>\n

The GTI Vera Convergence Divergence Indicator shows a narrowing gap between the signal and vera lines, which suggests a trend change may be on the horizon. If this occurs, the largest digital currency could retest the lows seen before its rampant run following comments by China\u2019s President Xi Jinping in October.<\/p>\n

Bitcoin rallied after Xi said that\u00a0China plans to increase investment\u00a0to \u201ckeep our country at the very forefront\u201d of blockchain technology in the search for industrial advantages. Traders said speculators took those comments as a positive for the underlying technology that runs Bitcoin.<\/p>\n

The cryptocurrency still faces resistance at the $10,000 level, with investors uncertain about what catalyst could help break that barrier.<\/p>\n

<\/picture><\/figure>\n

\u201cIt\u2019s had a decent move to the downside today, but to me, it\u2019s going to remain range-bound for a while,\u201d said JJ Kinahan, chief market strategist at TD Ameritrade. \u201cI don\u2019t know what the stimulus would be to take us outside of that range. It\u2019s similar, to me, to what we see in the market overall.\u201d<\/p>\n

Bitcoin fell as much as 5.8% to $8,679 on Friday in New York trading, according to Bloomberg consolidated pricing. Other tokens such as Ether, Litcoin and XPR also slumped.<\/p>\n

\"bitcoin<\/a><\/p>\n

Now read: Facebook staff fought against unethical activity<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s push back below $9,000 has a key technical indicator suggesting the cryptocurrency risks entering a selling trend.<\/p>\n","protected":false},"author":341034,"featured_media":228735,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,191,57424],"class_list":["post-327003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency","tag-xi-jinping"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/327003"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=327003"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/327003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/228735"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=327003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=327003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=327003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}