On a technical basis, bitcoin breached its 10-day exponential moving average (EMA), indicating short-term weakness. The 10-day EMA is a moving average of the most recent 10 days of bitcoin prices. A movement in price below an asset’s EMA can be interpreted as a bearish signal. Worth noting, however, is the downward moves have come on below average volume. Moves in either direction on low volume are often interpreted as showing a lack of conviction in the direction of the move.
