CryptoWatch: Cryptos plunge Friday; Research firm sees path for Bitcoin to $36,000

Bitcoin on Friday broke below a short-term support line at $9,000, extending selloff in the previous session that took all major currencies into the red for the week.

A single bitcoin BTCUSD, -0.29% last traded at $8,593.01, down 5.5% since Thursday’s levels at 5 p.m. Eastern time on the Kraken exchange.

The price of the No. 1 digital currency had spent the best part of the week consolidating after nearing the $10,000 mark late last week. However, that phase now appears to be breaking, giving some analysts cause for concern.

“It’s worth noting that while this could be a significant breakout to the downside, we have pierced the $9,000 level a few times throughout this time but each time price has rebounded back above,” wrote Craig Erlam, senior market analyst at Oanda in a research note.

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