$7,000? Bitcoin 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…

Stalled Bitcoin Recovery Raises Risk of Drop to $6K

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 Tweet Session

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…

Oversold? 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 $6,400 Defense After Four-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…

Dead Cat Bounce? Bitcoin May Struggle to Hold Above $7K

Bitcoin (BTC) is looking to regain poise after its drop to two-month lows on Sunday, but the recovery will likely be short-lived, the technical charts indicate. At press time, BTC is changing hands at $6,825 on Bitfinex – up 3 percent from the two-month low of $6,619. The recovery could be associated with extreme oversold conditions highlighted by the relative strength index (RSI) yesterday and could be extended further in the next 24 hours. However, crossing $7,000 in a convincing manner will be easier said than done, as the area…

$6K Next? Bitcoin Bear Market Resumes After 10% Drop

The bitcoin market has come alive in the last 36 hours, with the bears gaining the upper hand and now aiming for fresh 2018 lows below $6,000. The cryptocurrency dropped nearly 10 percent on Sunday, hitting a two-month low of $6,619 on Bitfinex, having spent the last two weeks trading in the narrow range of $7,000–$7,800. Across the media, the price drop has been put down to a cyber attack on South Korean exchange Coinrail, revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges. However, a big move was…

Bitcoin Price Dips to Two-Month Low Below $7K

The price of bitcoin dropped $500 in a single hour Sunday to hit a two-month low below $6,700. According to CoinDesk’s Bitcoin Price Index, the world’s largest cryptocurrency by market capitalization is now changing hands at $6,718, up slightly after reaching a daily low of $6,647, its lowest total since April 10. Indeed, data shows that over the last 24-hours bitcoin failed to find solid support in the $7,470 zone, before plummeting 11 percent to $6,647. For traders, this means bitcoin’s two-month uptrend appears to be in question. Trading at…