Digital currency prices fell Wednesday, throwing some cold water on the recent rally.
Bitcoin, which made a fresh three-week high above $7,100, slumped back below the psychological $7,000 level with a single bitcoin BTCUSD, -1.11% last changing hands at $6,959.25, down 1.7% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange.
After breaking higher out of the $6,000 to $7,000 range Tuesday, industry participants are looking at a key technical indicator as the next target for the worlds No. 1 digital currency. “Now we have confirmation above $7,000 and a break of the 50-day moving average we should start to see momentum build,” said Naeem Aslam, chief market analyst at Think Markets U.K.