Bitcoin Eyes Bear Revival After Key Support Breached

Bitcoin’s (BTC) bears may be building for a strong comeback, having pushed prices to a eight-day low below $6,300 earlier on Friday. The price fell to $6,286 on Bitfinex at 09:50 UTC, the lowest level since June 14, and, at press time, was changing hands at $6,326, down around 6 percent over 24 hours. As discussed yesterday, the cryptocurrency’s persistent failure to scale the $6,800 mark in a convincing manner had raised the prospects of another leg down in bitcoin prices. It seems that process is now underway. Bitcoin breached the key…

New Resistance Could Cap Bitcoin’s Upside Price Potential

Bitcoin’s (BTC) bulls are struggling to push prices higher, despite a still-favorable short-term set-up on the technical charts. Bitcoin rose to a six-day high of $6,580 on Monday on Bitfinex, adding credence to indications that the cryptocurrency could be in for a relief rally. The bullish bias has strengthened further in the last two days too, courtesy of a bullish Bollinger band breakout and a bullish crossover between the 5-day and 10-day moving average (MA). Furthermore, bitcoin refused to embrace the negative narrative on Wednesday after the $31 million hack of South…

Bitcoin Price Steady Above $6K Despite Bithumb Hack

Bitcoin (BTC) suffered a minor dip last night after it was revealed that hackers had again breached a major cryptocurrency exchange, but the charts still favor a corrective rally to $7,000. The cryptocurrency fell from $6,740 to $6,560 after Bithumb – the sixth largest cryptocurrency exchange in the world by trading volume – confirmed that the attack had happened between late Tuesday night and early Wednesday morning local time, adding that about $32 million-worth of cryptocurrencies had been stolen. The Seoul-based cryptocurrency exchange has now halted all deposit and withdrawal service…

$7k? Bitcoin Price Looks North After Six-Day High

Despite the bearish chart setup, bitcoin (BTC) rose to a six-day high on Monday, putting a corrective rally to $7,000 back on the map. The leading cryptocurrency unexpectedly picked up a bid around $6,450 at 16:00 UTC yesterday and rose to $6,850 – the highest level since June 12, according to Bitfinex data. The $400 rally may have trapped a few bears on the wrong side of the market, given the pennant breakdown on the 4-hour chart had called for a drop to $6,000. Yesterday’s gravity-defying price action in BTC…

Bitcoin Recovery Stalls Raising Risk of Price Drop

Bitcoin (BTC) is once more facing a drop to (or below) $6,000, with both short- and long-duration charts being aligned in favor of the bears. The cryptocurrency found acceptance above the key resistance of $6,425 (April 1 low) in the second half of last week, raising the prospects of a corrective rally towards the $7,000 mark. Further, while a fall to $6,000 following a bear flag breakdown on Friday seemed likely, losses were unexpectedly cut short at $6,300, signaling bearish exhaustion. Yet, the leading cryptocurrency did not find any takers…

Things I Did… Bitcoin Braces for Bear Market With Feel-Good Tweets

The price of bitcoin (BTC) may be up slightly Wednesday, but that hasn’t exactly raised the spirits of the asset’s most avid investors. Rather, with the market now down roughly 70 percent from 2017’s highs, many HOLDers, the bitcoin faithful who have vowed never to sell, are becoming convinced they might have seen the last big rally before another long-time bear market (as happened in 2014). In crypto lingo, it’s time to put on some gloves for another “crypto winter.” Put more simply, investors now think they’ll face a long…

Bitcoin Prices Stabilize Above $6K – But Will They Stay?

Bitcoin (BTC) has made a 6 percent recovery from the 90-day low hit on Wednesday, neutralizing the immediate bearish outlook. The leading cryptocurrency fell to $6,108 at around 16:30 UTC yesterday on Bitfinex – its lowest level since February 6 – bolstering the already oversold conditions shown by the daily relative strength index (RSI) yesterday. Hence, the subsequent recovery to $6,500 levels currently is hardly surprising and indicates that bitcoin may have found a temporary bottom around $6,100. However, long-run technical setup remains bearish and the battered bulls will want to…

Sell-Off Over? Bitcoin’s RSI Just Hit Its Lowest Level Since 2016

Signs are beginning to emerge that bitcoin’s sell-off today may be overextended. After hitting a 70-day low of $6,133 on CoinDesk’s Bitcoin Price Index (BPI), bitcoin’s relative strength index (RSI) hit a level (26.4) last seen in August of 2016, according to data from the Bitfinex exchange. The relative strength index, or RSI, is used for identifying overbought and oversold conditions of an asset by “comparing the magnitude of recent gains and losses over a specified time period to measure speed and change of price.” When such levels are hit, the indicator…

Bitcoin Bulls Eye $6K Bottom After 4-Month Low

Bitcoin is still looking south, having hit four-month lows today, but the bearish momentum may wane due to short-term oversold conditions, the technical charts indicate. More bears joined the party in the U.S. session Tuesday after the cryptocurrency failed to cross twin resistance at $6,859 (50-hour moving average (MA) and 23.6 percent Fibonacci retracement). As a result, the price fell to $6,370 on Bitfinex today, the lowest level since Feb. 6. At press time, bitcoin was slightly higher at $6,453. The drop to the four-month low has bolstered the already…

Bitcoin’s Price Slides Below $6.5K to Hit 70-Day Low

The price of bitcoin, the world’s largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday. Bitcoin’s value slid to $6,455.92 during the afternoon trading session, dropping more than $280 in the span of two hours, according to data from CoinDesk’s Bitcoin Price Index. This represents the lowest figure since the start of April when the BPI registered a low of $6,443. The charts suggest a support of $6436 – if current levels are broken, the next major support is $6000, borne from the lows from…