Bitcoin Price Charts Indicate Glimmer of Hope for Corrective Rally

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 below…

Bitcoin Price Watch: BTC Hesitates, But Further Losses Seem Likely

Key Points Bitcoin price remains in a bearish zone below the $3,400 and $3,500 resistances against the US Dollar. This week’s followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price remains at a risk of more losses if there is no break above $3,440 and $3,500. Bitcoin price is slowly extending losses below $3,400 against the US Dollar. BTC could accelerate losses if buyers continue to struggle near $3,440-3,500. Bitcoin Price Analysis During…

Bitcoin Oversold on Weekly Price Chart for First Time in Four Years

A key long-term bitcoin (BTC) price indicator is reporting oversold conditions for the first time in almost four years. The widely followed 14-week relative strength index (RSI), which oscillates between zero to 100, is currently seen at 29.80 – a level last seen in January 2015. An asset or a cryptocurrency is considered to be oversold if the RSI is holding below 30.00. On the other hand, an above-70 reading indicates overbought conditions. Essentially, the under-30 reading on the 14-week RSI indicates that the recent heavy selling from the highs…

Bitcoin Price Watch: BTC Facing Uphill Task Near $3,500

Key Points Bitcoin price is under pressure below the $3,500 and $3,520 resistance levels against the US Dollar. Yesterday’s highlighted crucial bearish trend line is intact with resistance at $3,520 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price may continue to find a strong resistance near the $3,500 and $3,520 levels. Bitcoin price is struggling to climb above the $3,500-3,520 area against the US Dollar. BTC might decline towards the $3,340 support in the short term before higher. Bitcoin Price Analysis There was a…

Bitcoin Recovery Weakens as Price Drops 4.4%, Dead Cat Bounce?

The gains Bitcoin made during the Friday and weekend trading session fizzled at the beginning of this week. The digital currency’s recovery lost steam after establishing an intraday high at 3640-fiat, now thrice in December. It dropped as much as 4.4% on Monday, confirming a weak bull sentiment near the said resistance area. At the time of this writing, Bitcoin has located support at a near-term rising dotted trendline and is trading at $3,420. BTC/USD 1H CHART | SOURCE: COINBASE, TRADINGVIEW.COM After zooming out the chart, the BTC/USD rate can…

Bitcoin Faces Drop Towards $3K After Brief Price Bounce

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 of…

Bitcoin Price Watch: Break Above $3,700 Could Push BTC Higher

Key Points Bitcoin price recovered recently and moved above the $3,500 resistance against the US Dollar. There is a key bearish trend line in place with resistance at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price must break the $3,590 and $3,650 resistance levels to gain bullish momentum. Bitcoin price is facing a solid resistance near $3,600-3,700 against the US Dollar. BTC must move past the $3,700 pivot zone to accelerate gains towards $4,000. Bitcoin Price Analysis There was a decent support base…

Bitcoin Price Weekly Analysis: BTC Sellers In Control Below $3,600

Key Points Bitcoin price extended losses below the $4,000 and $3,600 supports against the US Dollar. There is a significant bearish trend line formed with resistance at $3,630 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is currently consolidating losses above $3,200, with resistances near $3,500 and $3,600. Bitcoin price is in a major downtrend below $4,000 against the US Dollar. BTC/USD may continue to struggle to recover above the $3,600-3,700 resistance zone. Bitcoin Price Analysis This past week, bitcoin price declined below the…

Crypto Exchange Bithumb May Have Propped up Bitcoin Price: Analysts

The bitcoin price touched a fresh yearly low this morning, leaving traders and investors scrambling for answers as the crypto market searches for a bottom. While there are numerous pressures that have weighed on bitcoin as it has taken step after step away from last year’s all-time high, research from CryptoCompare suggests that South Korean cryptocurrency exchange Bithumb may have contributed to the recent sell-off — at least indirectly. According to the firm’s latest CCCACG (short for CryptoCompare’s Aggregate Pricing Index), Bithumb led all crypto exchanges in daily volume from…

Bitcoin Price Eyes Support at $3,000 as BTC/USD Sets New Yearly Low

The bitcoin price on Friday plunged 6.5 percent against the US Dollar, breaking below the flagship cryptocurrency’s previous yearly low at $3,455. The bearish cycle took another turn after the Securities and Exchange Commission (SEC) halted its decision on the VanEck’s upcoming bitcoin ETF once again. The fundamental has been treated as one of the strongest bullish catalysts for the bitcoin market, with many believing that its approval would bring a minimum of $1 billion investment into space. In case the US regulator disapproves it, the market sentiment would be…