Bitcoin Back Above $8,500 But Does Rally Have Legs?

Bitcoin’s (BTC) has bounced back above $8,500, but the rally is not backed by decent trading volumes, the technical charts indicate. The cryptocurrency closed below key technical levels on Thursday, signaling a bearish breakdown, but the ensuing sell-off unexpectedly ran out of steam at $7,925 on Friday. Then, over the weekend, bitcoin gained more than $500, rising back above resistance at the 50-day moving average. As of writing, BTC is changing hands at $8,530, having clocked a six-day high of $8,644 earlier today. While last week’s bearish trend seems to…

Bitcoin Hits One-Month Low As $10K Sell-Off Resumes

Bitcoin’s (BTC) drop to one-month lows below $8,000 has strengthened the bear grip on the markets, the technical charts indicate. The cryptocurrency fell to $7,925 on Bitfinex earlier today – the lowest level since April 18 and has retraced 50 percent of the rally from the April 1 low of $6,425 to May 5 high of $9,990. As of writing, BTC is changing hands at $8,120, representing a 2 percent drop in the last 24 hours. The recovery from the low of $7,925 could be associated with the oversold conditions…

Bear Revival? Bitcoin Risks Fall Below $8K After 3.5-Week Low

Bitcoin’s (BTC) bears have unraveled the minor rally in prices since Saturday and are now looking to pull the cryptocurrency below the $8,000 mark, the technical charts indicate. The bears’ comeback comes after bitcoin saw minor gains after the May 12 low of $8,204, but the bulls repeatedly failed to cut through the key falling trendline hurdle. As a result, bitcoin fell to a 3.5-week low of $8,100 on Bitfinex earlier today. As of writing, BTC is changing hands at $8,366 – down 4.7 percent in 24 hours. Daily chart The…

Bitcoin Price Eyes Breakout As Trading Range Tightens

Bitcoin (BTC) is stuck in a narrow $550 range between the key long-term moving averages today, but may be prepping for a breakout, the technical charts suggest. With the bull/bear bias now unclear, the big problem now is trying to work out in which direction the price will go. As of writing, BTC is changing hands at $8,760 on Bitfinex, and is trading between the 50-day moving average (MA) at $8,287 and the 100-day moving average at $8,837. The sell-off from the May 5 high of $9,990 came to halt…

Bitcoin Risks Drop Toward $8K After 3-Week Low

Bitcoin (BTC) is on the back foot having hit three-week lows over the weekend and now risks deeper losses below $8,200, the technical charts indicate. The cryptocurrency fell to $8,204 on Bitfinex on Saturday – the lowest level since April 19 – and was last seen changing hands at $8,365, down around 16 percent from the recent high of $9,990. Note, the bears failed to cut through the support at $8,207 (the 50 percent Fibonacci retracement of the rally from the April 1 low to the May 5 high) in…

Bitcoin Hits Three-Week Low, Eyes Break Below $8,600

Bitcoin (BTC) hit a three-week low of $8,713 on Bitfinex earlier today and looks set to extend losses further, price chart analysis indicates. The cryptocurrency failed to cut through the descending (bearish) 5-day moving average (MA) located at $9,382 yesterday, despite the bullish falling channel breakout on May 9, and fell below the $9,000 mark as anticipated. As of writing, BTC is changing hands around $8,800 – below the 100-day moving average (MA) of $8,849 and down 2.42 percent from the previous day’s close (as per UTC) of $9,018. The 10…

Drop to $9K Still in Play Despite Brief Bitcoin Rally

Despite a brief rally yesterday, bitcoin (BTC) is still in corrective mode and risks falling back below $9,000, chart analysis suggests. The cryptocurrency broke out of the bearish falling channel setup yesterday, courtesy of a bullish relative strength index (RSI) divergence – indicating the pullback from the recent high of $9,990 had ended at $8,980 (yesterday’s low). The breakout also raised the prospects of a stronger move towards $9,767 (April 25 high) and possibly even the $10,000 mark. However, the ascent has been cut short around $9,380 in the last 15 hours,…

Buffett ‘Disciple’ Condemns Investor’s Views On Bitcoin

Venture capitalist Chamath Palihapitiya has countered billionaire Warren Buffett’s recent derogatory statements on bitcoin, stating that the cryptocurrency is “important.” His comments come after Buffett, the chairman and CEO of Berkshire Hathaway, argued that bitcoin is more of a gamble than an investment at the end of April, and then, last weekend at a shareholders’ meeting, he said bitcoin is “probably rat poison squared.” While calling himself a Buffett “disciple,” Palihapitiya told CNBC that Buffett is wrong about bitcoin. “Not everybody is right all the time,” he told the news source, further suggesting that that…

Topping Out? Bitcoin Bulls Need to Defend $9K

Having hit seven-day lows below $9,000 this morning, bitcoin (BTC) is looking decidedly weak. The cryptocurrency fell to $8,980 on Bitfinex a few hours ago and was last seen changing hands at $9,080 – down 1.13 percent from the previous day’s close (as per UTC) of $9,184. The downwards move does not come as a surprise, however, with the bear flag breakdown witnessed yesterday opening the doors for a fall to $8,865. Now, unless the bulls can make a defense of support at $9,055 (seen in chart below), the cryptocurrency…

Bitcoin Risks Drop Below $9K After 4-Day Low

Bitcoin dropped to four-day lows below $9,200 on Monday and now looks set to explore levels below the $9,000 mark, the technical charts indicate. Yesterday’s downwards move meant the cryptocurrency closed below the 10-day moving average (MA) – signaling short-term bullish invalidation – having failed to beat the key inverse head-and-shoulders neckline resistance over the weekend. As of writing, BTC is trading at $9,357 on Bitfinex – largely unchanged on the day, but down 6.3 percent from the recent high of $9,990. Worryingly for the bulls, the price chart analysis…