The pace of bitcoin's ongoing sell-off is setting new records with every passing day, the latest being its test of a key long-term moving average for the first time in three years.
Indeed, the world's most valuable cryptocurrency network fell below its 200-week exponential moving average (EMA) of $4,180 yesterday, marking the first break of the crucial support since August 2015. Back then, BTC was changing hands around $220, according to Bitstamp data.
The breach of long-term support, however, was short-lived as record low readings on the relative strength index (RSI) likely put a bid under BTC, helping it regain some poise.