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The stage looks set for a further drop to below $9,000, albeit after a minor bounce.
Bitcoin has formed a bearish head-and-shoulders pattern with neckline support at $9,400.
Daily trading volume in bitcoin (BTC) futures listed on the Chicago Mercantile Exchange (CME) dropped to year-to-date lows on Friday.
Bitcoin needs to break past the session high of $10,028 to revive the immediate bullish setup.
Bitcoin's daily money flow index has turned bearish for the first time since early January, supporting the case for further price losses.
For skeptics and traditional market investors, bitcoin is synonymous with extreme bouts of price volatility. However, in recent times, oil has become a relatively risky asset.
Bitcoin took its biggest daily fall in three months on Wednesday, but prices remain in the bullish zone for now.
Bitcoin’s price volatility spiked in January and could further increase over the near term because “whales” have begun accumulating coins.
Bitcoin has crossed into bullish territory above $10,000 alongside gold's rally toward seven-year highs.