Bitcoin prices fell below $8,500 on Friday, extending previous day's sell off amidst reports of increased scrutiny on cryptocurrencies by Japanese regulators.
The cryptocurrency hit a low of $8,347 and was trading 2.6 percent lower near $8,489 as of 0900 GMT, according to CoinDesk's bitcoin price index.
Here are some of the key technical levels to watch out for:
- Charts suggest further pullback in prices after the cryptocurrency failed to take out resistance around $9,000 levels
- Bitcoin has spent more than 48 hours trading the narrow range of $8,700-$9,200, signaling fresh weakness likely
- The cryptocurrency saw some profit taking after it rallied close to $2,000 from the March 18 low of $7,335
- Key resistance levels are lined up in the $9,180-$9,470 range
- Nearly 13 of the 15 key moving averages signal a 'Strong Sell' on the cryptocurrency: Tradingview data
