- Bitcoin slipped to $32,639 as of Thursday morning, sinking back below the $33,000 level.
- “We expect it to spend the next few weeks testing this range on either side,” Pankaj Balani of Delta Exchange said.
- Cryptocurrency-linked companies have suffered in step with the broader digital asset ecosystem.
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The price of bitcoin slipped 7% Thursday amid a broader cryptocurrency sell-off that has also dragged crypto-linked stocks lower.
The world’s largest digital asset by market capitalization slipped to $32,639 as of Thursday morning ET, sinking back below the $33,000 level for the first time in over a week.
Other cryptocurrencies have also been trading rangebound as of Thursday morning ET:
Bitcoin in the past months has been trading in a range at just around half its April peak price of nearly $65,000.
It is expected to be in a consolidation phase between the $30,000-$42,000 zone in the near term, said Pankaj Balani, CEO and founder of Delta Exchange, in a statement.
“We expect it to spend the next few weeks testing this range on either side,” he said. “Though we have seen an upward bias in the last few days it will take some work for BTC to break above the $42,000 mark.”