Bitcoin's price extended its recent decline late Thursday, falling for the seventh day in nine, to as low as $50,450.
The largest cryptocurrency was changing hands around $51,800 as of 21:23 coordinated universal time (5:23 p.m. ET).
Bitcoin (BTC) is down 9.8% since Sunday, the biggest drop on the weekly price charts since late February.
Earlier Thursday, bitcoin's so-called dominance ratio – its market capitalization as a share of that for all cryptocurrencies – slipped below 50% for the first time since 2018.
Bitcoin also has broken below its 50-day moving price average on the daily chart, seen as a sign of slowing momentum.
Pankaj Balani, CEO of crypto derivatives venue Delta Exchange, told CoinDesk earlier Thursday the outlook was starting to look bearish for bitcoin.
“BTC has slipped below the 50-day moving average support that it held sacrosanct through this rally, and looks like there is more downside here,” Balani said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.