Bitcoin Price Consolidates Sub-$3.5K With Bulls and Bears in Stalemate

Bitcoin (BTC) is consolidating below $3,500 for the third day straight. The challenge now is to gauge whether the bulls or the bears will win out in the coming days. As discussed yesterday, the leading cryptocurrency could soon see a corrective rally if prices manage to clear the crucial resistance at $3,633 (the high of an “inverted hammer” candle on the 3-day chart) by Friday’s UTC close. The bull case is also bolstered by bitcoin’s 14-week relative strength index, which is reporting oversold conditions for the first time since January…

Bitcoin Price Charts Indicate Glimmer of Hope for Corrective Rally

Bitcoin’s (BTC) struggle to build a notable bounce could end if prices beat key resistance above $3,600. The leading cryptocurrency by market value fell to 15-month lows near $3,200 last week, pushing the 14-week relative strength index (RSI) below 30.00 for the first time since 2015. So, with bitcoin so extremely oversold, a recovery rally cannot be ruled out – more so because there is evidence of bargain hunters challenging the bears’ resolve to push prices lower. For instance, BTC posted a three-day candle on Dec. 8 that closed below…

Bitcoin Oversold on Weekly Price Chart for First Time in Four Years

A key long-term bitcoin (BTC) price indicator is reporting oversold conditions for the first time in almost four years. The widely followed 14-week relative strength index (RSI), which oscillates between zero to 100, is currently seen at 29.80 – a level last seen in January 2015. An asset or a cryptocurrency is considered to be oversold if the RSI is holding below 30.00. On the other hand, an above-70 reading indicates overbought conditions. Essentially, the under-30 reading on the 14-week RSI indicates that the recent heavy selling from the highs…

Not Everyone Wants a Bitcoin ETF

While many traders eagerly await a potential bitcoin exchange-traded fund (ETF), some of the cryptocurrency’s most passionate advocates are lukewarm at best about the prospect of such an instrument. Twitter is flush with users like crypto entrepreneur Jonathan Hamel posting about how an ETF would bring an “epic” inflow of institutional capital to the ecosystem – that is, “billions” of dollars in new investments. But if you talk to early adopters and veteran technologists in the bitcoin community, you’ll hear resounding indifference, if not queasiness. “I don’t think an ETF…

Bitcoin Faces Drop Towards $3K After Brief Price Bounce

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 Faces Biggest Yearly Price 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…

Will Bitcoin Price Snap Three-Year December Winning Streak?

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 -38.57 percent monthly loss, according to…