Bitcoin Breakout Elusive As Price Retreats from One-Week Highs

Bitcoin missed a bull breakout by a whisker, as prices backed off from a six-day high of $6,826 hit earlier today. BTC’s persistent defense of $6,000 over the last three months has convinced many, including billionaire investor Novogratz, that the leading cryptocurrency has bottomed out around that level (February low). However, a bullish breakout would be confirmed only after the cryptocurrency has found acceptance above the top edge of the three-month-long narrowing price range. Crossing that key price hurdle is proving a tough task for the bulls, though. For instance,…

Bearish Cross Hints at More Losses Ahead for Bitcoin Price

Bitcoin (BTC) is on the defensive, having breached crucial support on Monday and could suffer a deeper drop, courtesy of a bearish crossover between key moving averages. As of writing, BTC is changing hands at $6,420 on Bitfinex, representing a 3 percent drop on a 24-hour basis. The bullish break above $6,600 witnessed on Friday had set the tone for a move toward the psychological hurdle of $7,000. However, the rally in alternative cryptocurrencies fizzled out over the weekend. As a result, while BTC managed to hit 17-day highs above…

Bitcoin Price Sees High-Volume Recovery From Five-Week Lows

Bitcoin’s (BTC) has made a high volume recovery from five-week lows, although a bullish reversal is still not confirmed, technical studies indicate. The leading cryptocurrency fell to $6,100 on Bitfinex at 18:00 UTC yesterday – the lowest level since Aug. 14 – signaling a downside break of the trendline connecting the June low and Aug. 11 low (lower edge of the pennant). However, the cryptocurrency picked up a strong bid just an hour later and jumped to a high of $6,550. More importantly, trading volumes on Bitfinex increased by 66…

Bitcoin Retains Bear Bias Despite Recovery From 25-Day Low

Bitcoin’s (BTC) recovery from 25-day lows seen over the weekend has done little to alleviate the near-term bearish bias, technical studies indicate. The leading cryptocurrency fell to $6,119 on Bitfinex on Saturday – the lowest level since Aug. 14 – bolstering the bearish setup established by a sudden $1,000 drop witnessed during a 24-hour period in the middle of the last week. However, the drop to 3.5-week lows also pushed the intraday relative strength index (RSI) into oversold territory below 30.00. As a result, the sell-off has stalled in the last…

Bets Against Ether’s Price Hit All-Time High

The number of short orders placed on ether (ETH) reached a new all-time high during Friday’s trading session, according to data from the cryptocurrency exchange Bitfinex. At approximately 10:00 UTC Friday, the number of shorts placed on ETH/USD, the world’s second largest cryptocurrency by market capitalization, surpassed the prior mark of 202,854 to ultimately reach a new high of 208,689. The new figure represents an 81.96 percent increase week-to-week and a 162 percent jump from mid-August. The development follows an unfavorable week for the broader cryptocurrency market and ETH in…

Bitcoin’s Double-Digit Drop Negates Long-Term Bull Market

Bitcoin’s (BTC) double-digit drop has torn down the scaffolding of what had seemed to be a developing long-term bull market just days ago. That said, a bearish reversal is still not confirmed either, technical studies indicate. At press time, the leading cryptocurrency is changing hands at $6,422 on Bitfinex – down 13 percent from the previous day’s high of $7,404. Notably, BTC has erased all the gains made over the last two weeks in a single day. Further, the sharp drop has poured cold water over the optimism generated by…

Bitcoin Lost 10% in August But May Have Made Long-Term Bottom

Bitcoin (BTC) is all set to end August with double digit-losses, but a closer look at the price action suggest better times lie ahead for the leading cryptocurrency. At time of writing, BTC is trading at $6,940 – down 10.7 percent from the month’s opening price of $7,727, according to CoinDesk’s Bitcoin Price Index. However, losses would have been much bigger had prices not recovered from the six-week lows below $5,900 seen on Aug. 14. Indeed, the bitcoin market has witnessed a solid two-way business this month. Sellers dominated the…

Upside Calling? Bearish Bets on Bitcoin Futures Hit Record Low

  The bearish sentiment in the bitcoin (BTC) futures market hit a record low last week, likely indicating the worst of the plunge in the leading cryptocurrency is behind us. The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1266 contracts in the week ended Aug. 21 – the lowest on record, according to the data released by the Commodity Futures Trading Commission (CFTC) on Friday. The futures data indicates the speculators are the least bearish on BTC since the…

Bitcoin Price Could End Day With Tightest Trading Range of 2018

UPDATE (20:00 UTC): Bitcoin’s trading range has now surpassed $160 for the day. The bitcoin market has gone comatose today with a key volatility reading hitting fresh yearly lows. The daily bitcoin volatility, as represented by the spread between the daily price high and price low (as per UTC), currently stands at $84 – the lowest level since July 9, 2017 – according to CoinDesk’s Bitcoin Price Index (BPI). Back then, the spread was seen at $68. Assuming that this differential remains at $84 until 00:00 UTC hours, we can…

Bitcoin’s Price Builds Bottom As Upward Pressure Grows

The probability of a bullish move in bitcoin (BTC) has gone up in the last 24 hours. To start with, the leading cryptocurrency has remained well above the key support of $6,230 (Aug. 20 low) despite the ETF rejection, adding credence to our assessment that the cryptomarkets had already priced in the bad news. Further, the decision by the US Securities and Exchange Commission (SEC) to review the rejection of the nine bitcoin-based exchange-traded funds (ETF) could demoralize the bears and trigger an unwinding of the short positions. It is worth…