$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…

$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,…

NEM Price Rebounds to Two-Month High Following Coincheck Relisting

  Twitter Facebook LinkedIn The price of NEM tokens (XEM) has risen some since Japanese exchange Coincheck announced that it would once again allow trading of the token, which was suspended after a hack at the exchange led to a more than half-billion dollars in tokens being stolen and systematically laundered through other exchanges. The XEM price started picking up momentum just before the announcement. It presently sits at almost 12 cents per token with a market capitalization of nearly $1 billion, a far cry from its January high (which…

Bitcoin Price Eyes $6.2K Amid Further Drop into Bear Territory

  Bitcoin’s (BTC) reversal of the recent uptrend in prices is gathering pace and a drop into a bearish territory below $6,200 is now a possibility, technical charts indicate. The leading cryptocurrency found acceptance below the lower edge of the rising channel yesterday, invalidating the bullish price action witnessed earlier this week. Essentially, the rally from the Oct. 31 low of $6,201 has ended at a high of $6,540 reached on Nov. 7. At press time, BTC is trading at $6,350 on Coinbase, having clocked a five-day low of $6,335…

Recovery in Doubt as Bitcoin Price Drops Out of Bullish Channel

  Bitcoin is painting a less bullish picture than 24 hours ago, following a drop out of an ascending price channel. Stepping back, the leading cryptocurrency picked up a strong bid at $6,200 on Oct. 31, keeping the crucial 21-month EMA support intact. Further, it witnessed a symmetrical triangle breakout earlier this week, suggesting that bulls had come out victorious in a tug of war with the bears. The breakout had looked legitimate as the technical indicators turned increasingly bullish. In particular, the relative strength index rose to a three-month…

This Bitcoin Price Chart May Give Early Warning of Next Bull Reversal

That bitcoin (BTC) has likely found a bottom around $6,000 is now generally accepted, so the challenge for investors and traders is to spot the early signs of a long-awaited bullish reversal. Basic technical theory suggests that a bearish-to-bullish trend change is confirmed after the price invalidates a “lower highs” pattern – a series of descending peaks. As such, bitcoin needs to rise above the September high of $7,400 to confirm a major bullish breakout. That would mean the number one cryptocurrency by market cap needs to rally close to…

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…