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: A Global Port in a Market Storm?

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: Into the Unknown: No Limit on Fed Money Injections

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, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package
• Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

• 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: Into the Unknown: No Limit on Fed Money Injections

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, Gold Spike as Fed Unveils Unlimited Coronavirus 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

• Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks
• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls

• 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, Gold Spike as Fed Unveils Unlimited Coronavirus 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: Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

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

• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls
• Bailouts, Bitcoin, Disruption, Failures and Hope

• 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, Gold Spike as Fed Reserve Unveils Unlimited Coronavirus 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: Bearish ‘Death Cross’ Price Patterns Loom for Both Bitcoin and US Stocks

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

• Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls
• Bailouts, Bitcoin, Disruption, Failures and Hope

• 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: Australian Share Market Reveals Potential Storm for US Equities While Bitcoin Falls

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: Bailouts, Bitcoin, Disruption, Failures and Hope

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

• As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again
• Bitcoin Bumps Up, but for How Long?

• 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: Bailouts, Bitcoin, Disruption, Failures and Hope

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: As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again

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 Bumps Up, but for How Long?
• The Puell Multiple Is Turning Bullish on Bitcoin

• 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: As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again

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 Bumps Up, but for How Long?

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

• The Puell Multiple Is Turning Bullish on Bitcoin
• Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K

• 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: As this Crisis Worsens, Bitcoin Will Become a Safe Haven Again

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 Bumps Up, but for How Long?

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

• The Puell Multiple Is Turning Bullish on Bitcoin
• Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K

• 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 Bumps Up, but for How Long?

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: The Puell Multiple Is Turning Bullish on 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

• Bitcoin Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K
• What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition

• 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: The Puell Multiple Is Turning Bullish on Bitcoin

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 Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K

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

• What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition
• Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus Crisis

• 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 Claws Back Over 40% of Recent Price Sell-off With Surge Above $6.8K

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: What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition

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

• Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus Crisis
• Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

• 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 Claws Back Over 40% of Recent Price Selloff With Surge Above $6.8K

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: What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition

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

• Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus Crisis
• Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

• 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: What an Uptick in ‘Coinjoins’ Says About Bitcoin’s Value Proposition

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: Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus 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

• Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations
• Bitcoin Sees 9% Gain as Turmoil Hits the Forex Markets

• 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: Israeli Bitcoiners See Surveillance as Unavoidable During Coronavirus 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: Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

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 Sees 9% Gain as Turmoil Hits the Forex Markets
• CME Bitcoin Options Volume Hits Record Low, While Bakkt Goes Weeks With No Trades

• 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: Huobi Adds Crypto ‘Circuit Breaker’ After Last Week’s Mass Liquidations

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 Sees 9% Gain as Turmoil Hits the Forex Markets

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

• CME Bitcoin Options Volume Hits Record Low, While Bakkt Goes Weeks With No Trades
• Controversial Group Behind Coronavirus Tracking App Has Crypto Ties

• 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 Sees 9% Gain as Turmoil Hits the Forex Markets

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: CME Bitcoin Options Volume Hits Record Low, While Bakkt Goes Weeks With No Trades

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

• Controversial Group Behind Coronavirus Tracking App Has Crypto Ties
• Bitcoin Faces Another Down Day as Equities Reject Stimulus Efforts

• 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: CME Bitcoin Options Volume Hits Record Low, While Bakkt Goes Weeks With No Trades

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: Controversial Group Behind Coronavirus Tracking App Has Crypto Ties

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 Faces Another Down Day as Equities Reject Stimulus Efforts
• Canadians Get US Jail Time for Stealing 23 Bitcoin in Twitter Scam

• 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: Controversial Group Behind Coronavirus Tracking App Has Crypto Ties

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 Faces Another Down Day as Equities Reject Stimulus Efforts

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

• Canadians Get US Jail Time for Stealing 23 Bitcoin in Twitter Scam
• Experts Say the Fed’s QE Program Will Strengthen Bitcoin – One Way or Another

• 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 Faces Another Down Day as Equities Reject Stimulus Efforts

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: Canadians Get US Jail Time for Stealing 23 Bitcoin in Twitter Scam

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

• Experts Say the Fed’s QE Program Will Strengthen Bitcoin – One Way or Another
• Record Bitcoin Price Volatility Fails to Unnerve HODLers

• 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: Experts Say the Fed’s QE Program Will Strengthen Bitcoin – One Way or Another

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: Record Bitcoin Price Volatility Fails to Unnerve HODLers

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 Is Now Undervalued, Suggests This Price Metric
• Retail Investors Are Buying the Bitcoin Institutions Are Selling, Traders Say