Investing.com – Bitcoin fell to a three-week low Thursday amid broad-based crypto selling as traders slashed their bullish bets on digital currencies.
On the bitfinex exchange, Bitcoin fell 5.25% to $9,379.9.
The move lower in bitcoin comes amid a noticeable uptick in negative sentiment on cryptos in the wake of fresh regulatory concerns as the SEC said Wednesday it would take a closer look at trading platforms operating as exchanges that failed to register with the regulator.
Bitcoin’s sharp retreat this week got underway after the popular digital currency rose to high of $11,696 on Monday but struggle to sustain a move above this price level, which technical analysts said offers technical resistance – levels that trigger selling.
Bitcoin’s failure to hold its rally appeared to shift momentum to the bears or sellers, many of whom believe bitcoin could add to losses, testing its recent low of $6,000 amid a lack of support from crypto buyers.
The total cryptomarket cap fell to about $382 billion – at the time of writing – from $402 billion Wednesday, indicating that investors continue to slash their bullish crypto bets, while new entrants remain reluctant to buy the dips as bitcoin could retreat further.
Ripple XRP fell 0.19% to $0.827on the poloniex exchange, while Ethereum fell 6.53% to $700.99.