Bitcoin's Price Drops Below Key Levels Amidst Market Turmoil.
Bitcoin dropped to a 10-day low of $28,300, closing below the 20-day moving average (DMA) on Wednesday, signaling a sign of weakness. The last time the cryptocurrency traded below the 20-DMA was in mid-March. A 20-day moving average is a short-term view and could allow investors to trigger further selling pressure, according to Laurent Kssis, a crypto trading adviser at CEC Capital. The drop comes a day after a large bitcoin sell order on crypto exchange Binance and an unexpectedly high U.K. March inflation figure of more than 10%.