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Bitcoins remained sharply down on Friday after a recovery that had brought it back above the $ 8,000 level this week seems to be suddenly out of breath. A bitcoin
BTCUSD, -7.85%
According to data from Coindesk, trading at 7,271.35 USD, down 477.74 USD, or 6.2%, compared to the level reached Thursday at the end of the day. Bitcoin dropped to $ 6,688.77 around 11 pm Is Thursday. It had peaked well above $ 8,000 earlier this week, as part of a rally that had seen the digital play surge by more than 100% for the year so far. While analysts struggled to find clear explanations for the recovery, there was no clear catalyst for sales. Some analysts warned that the acceleration of the rally left Bitcoin vulnerable to a massive selloff from a technical point of view. The 200-day moving average of Bitcoin is nearly $ 4,440, Forex.com analyst Fawad Razaqzada warned in a Thursday post. The distance between the price and the moving average has made bitcoin vulnerable to a decline "as prices tend to return to average from time to time," he said, noting that bitcoin had become "extremely" excessive.
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