The crypto coin was trading lower by 4% at $32,715.28 at 19:48 IST Monday, according to cryptocurrency trading website coindesk.com.
While the lagging crossover indicator alerted traders that bitcoins are solidifying their uptrend and are most likely to experience a continuation, it resulted in lower prices.
Reports suggest that the technical sell signal in the cryptocurrency kicked in post negative news flow including China’s continued crackdown on bitcoin mining.
MicroStrategy CEO Michael Saylor, however, sees the recent decline in bitcoin as a buying opportunity.