Bitcoin Price Defends $6K As Upside Potential Builds

Bitcoin (BTC) may be up slightly at the start of Friday’s session, but it remains to be seen if it can build traction above $6,000. The world’s largest cryptocurrency by market capitalization is now down 37 percent from its May 5th high at $9,996 according to CoinDesk’s Bitcoin Price Index, though it’s rebounded to a crucial support zone at $6,235, according to Bitfinex data. The figure is notable, as it could be argued bitcoin needs a daily close above the previous low at $6,070 to abort bearish outlook for the coming…

Bitcoin Bull Move on Hold as Downside Risks Grow

Bitcoin (BTC) traded largely sideways over the last 24 hours, though a dip soon before press time may threaten a developing bullish chart pattern if the price moves below $6,000. BTC’s drop below the 10-day moving average (MA) on Tuesday neutralized the immediate bullish outlook and shifted risk in favor of a sell-off to $6,000. However, the cryptocurrency defended $6,300 yesterday amid intraday oversold conditions, establishing the round figure as a key short-term support. But, the resilience failed to entice bulls, rather a long liquidation (unwinding of long BTC trades)…

Bitcoin May Be Building for a Major Bull Reversal

Bitcoin (BTC) price could create a major bullish technical pattern in the next few days, technical charts indicate. At press time, BTC is changing hands at $6,350 on Bitfinex – down 3.6 percent on a 24-hour basis. Indeed, the short-term bullish bias has become invalid following BTC’s close below (as per UTC) the 10-day moving average (MA) yesterday. Further, the risk of a deeper pullback to $6,000 (February low and psychological support) has increased after Tuesday’s 5.7 percent price drop. However, that does not necessarily mean the BTC bears are…

100 Merchants Can Now Trial Bitcoin’s Lightning Network Risk Free

A few lucky merchants now have one less obstacle to accepting bitcoin payments via the Lightning Network. Revealed exclusively to CoinDesk, payment processing startup CoinGate is opening up a pilot program that will allow 100 merchants to trial a Lightning-enabled version of its service, one which taps into the open-source tech meant to make bitcoin transactions fast and cheap. As with CoinGate’s standard service, the company will handle the finer details of crypto-to-fiat exchange, however, the new pilot has the benefit of covering the costs should funds be lost due…

Bitcoin Bull Bias Fades as Price Drops Below $6.5K

Bitcoin (BTC) is on the defensive today and could suffer deeper losses in the next few days should the bulls fail to defend the key moving average (MA) support, technical charts indicate. The leading cryptocurrency looked vulnerable to a pullback 24 hours ago, courtesy of the signs of bullish exhaustion near key resistance of $6,800. Hence, the drop to $6436 seen today is not surprising but has certainly boosted the odds of a close (as per UTC) below the all-important 10-day moving average (MA). It is worth noting that the…

$7K Back in Play? Price Indicators Shift In Bitcoin Rally’s Favor

It may not have been the asset’s biggest rally, but it’s hard to say bitcoin isn’t building on gains. Since hitting an annual low of $5,785 in June, bitcoin has increased roughly 15 percent against the U.S. dollar, and technical indicators suggest the cryptocurrency might not be calling it quits just yet. That said, you’d be forgiven for having doubts. The rally has been interrupted over the past few days by resistance at $6,800, a level first approached on July 4. With a close of $6,584, the day arguably saw…

Bitcoin Price Constrained Below Key Resistance at $6,800

Bitcoin (BTC) rally has stalled near a key resistance range and a minor pullback could recharge the engine for a much-awaited move toward the $7,000 mark. At press time, the premiere cryptocurrency is flatlined at $6,710 on Bitfinex, having clocked an 18-day high of $6,839 over the weekend and is showing signs of bullish exhaustion near the resistance range of $6,750 to $7,910. For instance, BTC has failed thrice in the last seven days to hold on to gains above $6,754, which is the 23.6 percent Fibonacci retracement of the…

Bitcoin’s Price Declines Over Q2 for First Time on Record

In the case of bitcoin’s Q2 price movements, it turns out history didn’t repeat. As the three-month period came to a close this week, the final figures indicate bitcoin fell 8 percent according to CoinDesk’s Bitcoin Price Index (BPI), snapping a 7-year win streak for the market’s leading cryptocurrency. As seen in the table below, bitcoin had always put on a good show in the second quarter. For instance, BTC’s 1,964 percent rally in Q2 2011 is its best quarterly performance ever. Clearly, history was on bitcoin’s side and hence, beleaguered…

Bitcoin Awaits Price Breakout As Trading Range Tightens

The price of bitcoin (BTC) is stuck in a $400 range defined by key technical levels, and the direction of the breakout will likely set the tone for the next move in the cryptocurrency.  The trading range’s lower end is $6,341, a double bottom neckline (former resistance-turned-support), which was scaled on June 30. Meanwhile, $6,754 (a 23.6 percent Fibonacci retracement of the sell-off from $9,990 to $5,755), which put brakes on BTC’s rally earlier this week, marks the upper end of the trading range. A convincing move above $6,754 would signal…

Bitcoin Rally Hits a Speed Breaker at $6,750

Bitcoin (BTC) needs to overcome a key technical resistance to keep the short-term bull market going, the technical studies indicate. The leading cryptocurrency rose to $6,785 on Bitfinex on Wednesday – the highest level since June 22 and looked set to test the psychological hurdle of $7,000, as suggested by Monday’s bullish breakout. However, the bulls failed to muster enough momentum to cross $6,754 (23.6 percent Fibonacci retracement of the drop from $9,990 to $5,755) on a daily closing basis (as per UTC), establishing the Fibonacci level as a stiff resistance.…