CoinDesk Crypto

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin Diverges From Falling Equities With $500 Price Rise

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach
• Strange Days: S&P 500 Volatility Enters Bitcoin Territory

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Strange Days: S&P 500 Volatility Enters Bitcoin Territory
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Strange Days: S&P 500 Volatility Enters Bitcoin Territory

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’
• Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’
• Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests
• UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Investors Regained Confidence in Bitcoin Amid Price Recovery, Data Suggests

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook
• US, European Stocks Up but Crypto Traders Remain Cautious

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: UK Counties Warn of Bitcoin Scams Using Coronavirus as a Hook

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: US, European Stocks Up but Crypto Traders Remain Cautious

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin
• Miners Are Selling More Bitcoin Than They Are Mining

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: US, European Stocks Up but Crypto Traders Remain Cautious

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Geopolitical Crisis May Benefit Oil, Gold and CBDCs, Not Bitcoin

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Miners Are Selling More Bitcoin Than They Are Mining
• Craig Wright Challenges Court Order Criticizing His Evidence in $4B Kleiman Case

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Miners Are Selling More Bitcoin Than They Are Mining

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Craig Wright Challenges Court Order Criticizing His Evidence in $4B Kleiman Case

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• We Won’t Ever Think About the Financial System the Same Way
• Bitcoin in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Craig Wright Challenges Court Order Criticizing His Evidence in $4B Kleiman Case

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: We Won’t Ever Think About the Financial System the Same Way

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin in Rangebound Trading as Equity Markets Fail to See Stimulus Boost
• Bitcoin Mining Difficulty Posts Second-Biggest Percentage Drop in Its History

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: We Won’t Ever Think About the Financial System the Same Way

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Mining Difficulty Posts Second-Biggest Percentage Drop in Its History
• US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin in Rangebound Trading as Equity Markets Fail to See Stimulus Boost

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com
• Bitcoin Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package
• Mt. Gox Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Users See ‘Buying Opportunity’ in Coronavirus Market Downturn, Says Crypto.com

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Mt. Gox Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan
• Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin Rejected Near $7K Despite US Fiscal Agreement on $2T Stimulus Package

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Mt. Gox Trustee May Sell Some Crypto Assets, Says Draft Repayment Plan

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill
• BitMEX Open Interest Collapses After Controversial Long Squeeze

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: BitMEX Open Interest Collapses After Controversial Long Squeeze

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Halving, Explained
• Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin’s Approaching ‘Halving,’ Explained

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis
• Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree
• Bitcoin: A Global Port in a Market Storm?

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin: A Global Port in a Market Storm?
• Into the Unknown: No Limit on Fed Money Injections

• Bitcoin’s consecutive weekly losses and multiple failures at key resistance have shifted risk in favor of a drop to around $8,550 and perhaps as low as $8,000.
• Daily chart indicators have turned bearish for the first time in over a month, supporting the case for a deeper decline.
• A high-volume move above $9,335 (descending trendline from 2019 high) is needed to revive the bullish view.

Bitcoin is looking south after back-to-back weekly losses and multiple rejections at key price resistance.

The top cryptocurrency by market value fell 2.6 percent and 3 percent in the weeks ended Nov. 3 and 10, respectively.

Importantly, BTC has also failed for three straight weeks to close (Sunday, UTC) above the 3.5-month trendline sloping downwards from the 2019 high of $13,880. Acceptance above that hurdle would have meant a revival of the bull market set in motion by a solid break above $5,000 in early April.

Related: Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree

The inability to pass that level (currently around $9,335) has weakened the bullish case put forward by the high-volume rise from $7,300 to $10,300 on Oct. 25–26.

Markets usually test dip demand after multiple rejections at key resistance and bitcoin is already feeling the pull of gravity. At press time, the cryptocurrency is trading at $8,680 on Bitstamp, representing a 1 percent drop on a 24-hour basis.

Losses could be extended further with the 200-day moving average support now breached. The barometer of long-term market trend is currently located at $9,236. Other technical indicators have also turned bearish over the weekend.

Related: Bitcoin: A Global Port in a Market Storm?

BTC is losing altitude, having faced rejection at the descending trendline for three straight weeks.

The 14-week relative strength index (RSI) remains in bearish territory below resistance at 53.00. It’s worth noting that the 53.00–55.00 range acted as a strong support throughout the 2016–2017 bull run.

Hence, a move above 55.00, if and when it occurs, could be taken as a confirmation of bull market.

Bitcoin’s failure to hold above the descending, bearish 5-candle MA (above left), as represented by the November candle’s upper wick, is translating into a price drop, as expected.

The MACD histogram on the daily chart (right) has crossed below zero over the weekend and is currently signaling at its most bearish since Oct. 3 with a -59.00 reading.  The RSI is currently bearish below 50.

BTC has also found acceptance below the 200-day MA – a level that acted as strong support in the nine days to Nov. 7.

All-in-all, BTC appears on track to test and possibly breach the 50-day MA at $8,552. A violation there would expose the psychological support of $8,000.

On the higher side, a convincing move above the 3.5-month descending trendline hurdle, currently at $9,335, is needed to confirm a bullish breakout.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

• Into the Unknown: No Limit on Fed Money Injections
• Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package