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CryptoWatch: Bitcoin holds steady as equity markets tumble

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The No. 1 digital currency failed to capitalize on a good start to the week, trading lower Friday, as technical indicators and overall market sentiment weighed on digital currencies.

A single bitcoin BTCUSD, +0.20% last changed hands at $8,590.09, down 1.4%. It had reached an overnight peak of $8,715.31. The relatively placid trading for bitcoin comes as equities tumbled for a second straight session.

Technical outlook shaky

The rally to begin the week pushed the price of bitcoin toward $9,100 and near two key technical levels—the 50-day moving average at $9,401 and the 200-day moving average at $9,223. Chart watchers use moving averages to help assess short-term and long-term trends in an asset.

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