The Bitcoin (BTC) price may soon resume its downward trajectory despite mounting technical robustness, an analyst has claimed.‘RIPE TO RESUME LOWER PRICES’
Bloomberg Intelligence analyst Mike McGlone identified diminishing daily returns this month, suggesting an imminent continuation of Bitcoin’s bear market.
Bitcoin (BTC) had buoyed investors in February, with average daily gains approaching 0.6 percent. In March, however, this figure has so far dipped to just over 0.2 percent.
“The entire industry is ripe to resume a path to lower prices,” Bloomberg quotes McGlone as saying in a recent report. Should the trend [...]
Bitcoin prices were mostly unchanged Thursday, extending a lull that has washed over crypto markets and pushed volatility to its lowest level since mid-November.
On Thursday, one bitcoin BTCUSD, +0.13% was fetching $3,386.73, down 0.2% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency has not traded outside of the $3,300 – $3,800 range since Jan. 11.
According to Buy Bitcoin Worldwide, the 30-day bitcoin volatility index stands at 2.41%, the lowest level since Nov. 19, 2018.
Read: Bitcoin hasn’t been this oversold in 4 years, chart watcher saysWhat are analysts [...]
Despite the U.S. Securities and Exchange Commission (SEC) rejecting a total of nine separate proposals for bitcoin exchange-traded funds (ETFs) last week, the bitcoin price has managed to jump again to over the psychological $7,000 mark — adding $200 at around 1am GMT then climbing further.
The price jump follows similar moves from bitcoin and the wider cryptocurrency market last week, which was at the time put down to short positions closing on many exchanges, causing a so-called short squeeze.
As often happens when the bitcoin price jumps or falls, the wider cryptocurrency market moves with it.
Resistance: $8,300, $8,200, $8,100
Support: $7,700, $7,800, $7,900
Yesterday, April 16, Bitcoin price was expected to retest the resistance at $8,500 and probably push ahead, but the recent pullback by most of the assets have made the bullish trend to be in a range bound movement. At the time of writing, Bitcoin is trading at $8,049.68. In the weekly chart, the bullish trend line has been broken by the price and the candlestick closed thereafter.
This indicates that the bullish trend is over. The price of Bitcoin is in a range bound movement; fluctuating between the levels of $8,000 and $8,500. If the price falls below $8,000, [...]