Bitcoin Risks Return to December Lows After Price Drop to $3.5K

  After breaching key support on Sunday, emboldened bears could soon push bitcoin (BTC) prices back towards $3,100. Following a drop to a 3.5-week low of $3,476 at 16:00 UTC yesterday, the cryptocurrency closed at $3,516, effectively invalidating the bullish view put forward by the higher low of $3,566 carved out on Dec. 27. That move also added credence to the bearish reversal signaled by the 9 percent price drop witnessed last Thursday. Put simply, the bears have strengthened their control of the market, after the bulls failed to penetrate…

Bitcoin Eyes Test of Key Price Hurdle in First Since November

  Bitcoin (BTC) could test a key resistance line for the first time in nearly two months. The widely followed 50-day simple moving average (SMA) line is currently located at $3,940 – $100 above bitcoin’s current price of $3,840 – according to Bitstamp data. The crucial SMA line was last put to test on Nov. 8. Back then, the SMA was located at $6,450 and was serving as a stiff resistance. On Nov. 14, BTC nosedived below $6,000, putting the bears back into the driver’s seat.  As a result, the…

Bitcoin’s Path to $5K Faces a Major Hurdle

  Bitcoin’s ongoing recovery rally faces a major obstacle that could impede progress towards $5,000, according to the technical charts. The leading cryptocurrency by market capitalization jumped to a two-week high of $4,108 earlier today, validating the short-term bearish-to-bullish trend change confirmed earlier this week. Notably, the break above the psychological hurdle of $4,000 looks sustainable, as 24-hour trading volume has jumped to one-month highs above $8 billion. As a result, more bargain hunters could join the party, creating further upward pressure on prices. Even so, the rally may stall near $4,400…

This Price Chart Indicates Bitcoin’s Bulls Are Back in Business

  Bitcoin (BTC) is looking increasingly bullish on a key technical chart following its strong move above $4,000. The leading cryptocurrency by market value first teased bullish reversal on Dec. 17 with the creation of an “outside reversal” candle on the widely followed 3-day chart. The early indicator of a bearish-to-bullish trend change, however, needed confirmation in the form of a positive follow-through. Alongside BTC’s $600 rally, the cryptocurrency closed above $4,000 yesterday confirming the bullish reversal on the 3-day chart. BTC, therefore, could rise to next major resistance of…

Bitcoin Price Defies Oversold Conditions to Hit 15-Month Low

  Bitcoin (BTC) tumbled to 15-month lows earlier today, dashing hopes of a rally signaled by current extreme oversold conditions. The world’s largest cryptocurrency by market capitalization fell to $3,200 on Bitstamp at 00:15 UTC – the lowest level since September 2017. BTC was trapped in a five-day-long narrowing price range 24 hours ago and showed signs that it might break upwards with a strong move toward the crucial resistance at $3,633. These bullish expectations were based largely on a premise that the sellers are facing exhaustion, as indicated by…

Bitcoin Price Charts Indicate Glimmer of Hope

  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…

$3K Ahead? Bitcoin Price Bounce Is Again Losing Steam

  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…

Capitulation? Bitcoin’s Price Dropped 36% in November

  Bitcoin (BTC) tanked in November on the back of high volumes, raising the possibility that the market has, to some extent, capitulated. The largest cryptocurrency by market capitalization is currently trading at $4,000 – down 36 percent from its monthly opening price of $6,318 – according to CoinMarketCap data. That drop marks the biggest monthly loss of the year so far. Amid the losses, trading volumes jumped by 33 percent month-on-month to $158.48 billion – the highest level since May. It is worth noting that, at the start of…

What is Bitcoin Gold? Everything You Need to Know About the Hard Fork

This article by Bennet Garner  was originally published at CoinCentral.com  What is Bitcoin Gold? Only a few months after the Bitcoin Cash hard fork, the Bitcoin blockchain experienced another community-driven hard fork known as Bitcoin Gold (BTG). Bitcoin Gold (BTG) 18,10 USD (−2,73%) RANK 20 MARKET CAP $314,48 M VOLUME (24H) $5,55 M Powered by CoinMarketCap   Bitcoin Gold hopes to change the paradigm around mining on the Bitcoin blockchain. According to the founders, the Bitcoin blockchain has become too centralized. Large companies with huge banks of mining computers now mine the vast majority of Bitcoin.…

$5K Bounce? Bitcoin Price May Have Hit Bottom For Now

  Bitcoin (BTC) could be in for a stronger recovery rally in the next few days, having found a temporary bottom near $4,000. The leading cryptocurrency, which hit a 14-month low of $4,048 on Bitstamp yesterday, is now trading at $4,580, representing a 2 percent gain on a 24-hour basis. The $500 recovery seen yesterday indicates that the market is finally paying heed to the record oversold levels reported by the 14-day relative strength index (RSI). Currently, the indicator is still hovering in oversold territory below 30.00. As a result,…