The price of Bitcoin continues to fall as trading in cryptocurrencies remains extremely volatile following last weekend’s flash crash.
The largest digital token fell 6% overnight to currently trade at $48,245.00 U.S., while other digital assets also continue to drop.
On a technical basis, Bitcoin is seen by some analysts as being caught between different moving averages. The coin might be forming what’s known as a “head-and-shoulders pattern,” which would be a negative indicator.
Cryptocurrencies have seen wild moves up and down this week after a flash crash last weekend that saw the price of Bitcoin fall more than 20% in 48 hours.
Still, some smaller cryptocurrencies are brushing off short-term moves and are managing to climb higher, leading many analysts to maintain their forecast that Bitcoin could reach $100,000 U.S. next year.
