$3K Ahead? Bitcoin Price Bounce Is Again Losing Steam

Bitcoin (BTC) still has the potential to drop towards $3,000, despite a minor bounce from 15-month lows seen on Friday. The leading cryptocurrency by market value picked up a bid at $3,210 three days ago –  a level last seen in September 2017. The ensuing corrective bounce, however, seems to have run out of steam, as bitcoin is currently trading at $3,470 on Bitstamp – down 4 percent from yesterday’s high of $3,633. It’s worth noting that prices are currently down more than 80 percent from the record high of…

Bets On Bitcoin Price Decline Hit 6-Week High

The pessimistic sentiment around bitcoin prices saw the number of shorts hit a six-week high on Thursday. The BTC/USD short positions on the cryptocurrency exchange Bitfinex jumped to 37,891 – the highest level since Oct. 15 – and were last seen at 36,996. Notably, shorts have risen by 95 percent in the last three weeks, accompanying BTC’s recent drop to 14-month lows near $3,500. More importantly, the short positions remained elevated above 35,000 during BTC’s oversold bounce from $3,500 to $4,400 and climbed to fresh multi-week highs on Thursday. Further, the…

Bitcoin Still on Defensive But Price Rally Possible Over $3.9K

Bitcoin (BTC) remains on the defensive despite a 4-percent recovery from nine-day lows today, but bearish pressure may weaken if prices rise above key resistance near $3,900. The world’s largest cryptocurrency by market capitalization fell to $3,629 at 05:00 UTC on Bitstamp – its lowest level since Nov. 27. At press time, the price stood at $3,770, representing a 1.5 percent drop on a 24-hour basis. Despite the quick recovery, the odds appear to be stacked in favor of a drop to recent lows below $3,500. To start with, BTC…

Bitcoin Price On Track for Biggest Yearly Loss on Record

Bitcoin’s (BTC) recent drop to 14-month lows has left the cryptocurrency on track for its biggest ever yearly loss. Just three weeks ago, the cryptocurrency was changing hands at $6,300 – already a 54 percent year-to-date drop, according to CoinDesk’s Bitcoin Price Index (BPI). The dominant market narrative back then was that BTC would trim losses in the last few weeks of 2018, having bottomed out around $6,000 in five months to October. However, on Nov. 14, BTC nosedived below the crucial 21-month exponential moving average (EMA) support, signaling a…

Bitcoin Price Could Snap Three-Year Winning Streak in December

Bitcoin (BTC) may break its three-year December winning streak unless prices convincingly cross key resistance at $4,410 in the next few days. The leading cryptocurrency by market value gained 14 percent, 30 percent and 40 percent in the last month of 2015, 2016 and 2017, respectively, according to CoinDesk’s Bitcoin Price Index. (BPI). The odds, however, are stacked against BTC extending that winning streak this year. To start with, BTC’s convincing break below the 21-month exponential moving average (EMA) last month signaled a resumption of the bear market from the record high of $20,000 reached…

Bitcoin Price Ends November With Worst Monthly Decline in 7 Years

Bitcoin just ended its worst-performing month in seven years in terms of month-over-month price declines.  The world’s largest cryptocurrency began November at an average price across exchanges of $6,341, but as of 0:00 UTC on December 1 is trading at just $3,964, according to CoinDesk’s Bitcoin Price Index.  As it stands, the near $2,400 drop in bitcoin’s price has created a -37.4 percent monthly performance, which is its worst on record since August 2011, when it fell from roughly $8 to $4.80 to print a -40 percent monthly loss, according to…

Capitulation? Bitcoin’s Price Dropped 36% in November

Bitcoin (BTC) tanked in November on the back of high volumes, raising the possibility that the market has, to some extent, capitulated. The largest cryptocurrency by market capitalization is currently trading at $4,000 – down 36 percent from its monthly opening price of $6,318 – according to CoinMarketCap data. That drop marks the biggest monthly loss of the year so far. Amid the losses, trading volumes jumped by 33 percent month-on-month to $158.48 billion – the highest level since May. It is worth noting that, at the start of the…

Bitcoin Sees Biggest Single-Day Price Gain Since April

Bitcoin (BTC) is teasing a short-term bullish reversal, having just recorded its biggest single-day gain in seven months. Prices closed yesterday (UTC) at $4,257, a 24-hour increase of 11.43 percent and the highest daily gain since April 12, according to CoinMarketCap. Back then, the cryptocurrency was trading above $6,900, 38 percent higher than the current price of $4,345. Interestingly, the 13 percent price gain witnessed that day had been preceded by a 45 percent drop and a minor bout of consolidation. More importantly, the big bullish move of April 12…

Google Searches for ‘Bitcoin’ Just Hit Their Highest Level Since April

Google’s trend explorer reveals the weekly number of worldwide searches for the keyword “bitcoin” has reached levels not seen since the first week in April.  While the exact number of searches accrued so far this week is not clear, data from Google reveals ‘bitcoin’ searches in the past three days alone made up 17 percent of its all-time-high weekly search volume set from Dec. 17-23, 2017. At that time, the cryptocurrency was trading around its record high near $20,000, while at the time of writing, it is valued at $4,167…

Up 15%: Bitcoin’s Price Bounces Back After 14-Month Low

Bitcoin’s 15-percent recovery from the 14-month low hit yesterday may have opened the doors for short-term price consolidation. The leading cryptocurrency by market value dropped through the support of the trendline connecting the August 2015 and August 2016 lows and fell to $3,474 yesterday – the lowest level since Sept. 17, 2017 (prices as per Bitstamp). At that level, BTC was down 38 percent from the highs above $6,300 seen two weeks ago. The drop was short-lived, however, and prices closed yesterday (as per UTC) at $3,939 – well above…