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 Sees Corrective Price Bounce After Hitting One-Month Lows

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: Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

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 Drove Half of Square’s Cash App Revenue in the 4th Quarter
• February Gains Disappear as Bitcoin Drops Below $9k

• 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: Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

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 Drove Half of Square’s Cash App Revenue in the 4th Quarter

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

• February Gains Disappear as Bitcoin Drops Below $9k
• Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

• 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: Over $190 Million Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

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 Drove Half of Square’s Cash App Revenue in the 4th Quarter

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

• February Gains Disappear as Bitcoin Drops Below $9k
• Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

• 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 Drove Half of Square’s Cash App Revenue in the 4th Quarter

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: February Gains Disappear as Bitcoin Drops Below $9k

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 Erases 38% of 2020 Price Rally as Bears Gain Strength
• ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange

• 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: February Gains Disappear as Bitcoin Drops Below $9k

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 Erases 38% of 2020 Price Rally as Bears Gain Strength

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

• ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange
• Bitcoin Faces Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern

• 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 Erases 38% of 2020 Price Rally as Bears Gain Strength

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: ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange

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 Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern
• Bitcoin’s Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

• 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: ‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange

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 Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern

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’s Coronavirus Selloff Throws Cold Water on Safe-Haven Argument
• How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

• 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 Further Losses if Bulls Can’t Disrupt Bearish Chart Pattern

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’s Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

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

• How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’
• $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

• 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 Coronavirus Selloff Throws Cold Water on Safe-Haven Argument

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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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

• $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls
• New ‘Simpsons’ Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

• 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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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

• New ‘Simpsons’ Episode Features Jim Parsons Giving a Crypto Explainer for the Masses
• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

• 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: How to Protect Bitcoin for Your Heirs With the Push of a ‘Dead Man’s Button’

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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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

• New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses
• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

• 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: $10K Proving a Tough Nut to Crack for Bitcoin’s Bulls

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: New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

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

• ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal
• Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

• 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: New Simpsons Episode Features Jim Parsons Giving a Crypto Explainer for the Masses

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: ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

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 Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K
• Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

• 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: ‘Bullish’ Comments on Reddit a Potential Bitcoin Signal

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 Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

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’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find
• Oil Prices Are Now More Volatile Than 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: Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

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’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

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

• Oil Prices Are Now More Volatile Than Bitcoin
• Bitcoin News Roundup for Feb. 20, 2020

• 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 Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find

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: Oil Prices Are Now More Volatile Than 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 News Roundup for Feb. 20, 2020
• Bitcoin Traps Buyers With Biggest Daily Price Loss in Three Months

• 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: Oil Prices Are Now More Volatile Than 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 News Roundup for Feb. 20, 2020

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 Traps Buyers With Biggest Daily Price Loss in Three Months
• Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

• 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 Traps Buyers With Biggest Daily Price Loss in Three Months

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 Slides Back Below $10K Amid Quick Bearish Sell-Off

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

• OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)
• On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

• 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 Slides Back Below $10K Amid Quick Bearish Sell-Off

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: OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)

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

• On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’
• UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

• 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: On-Chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

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: UK Crypto Exchange Coinfloor Launches ‘No BS’ Service for Bitcoin Beginners

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 Bulls Back in the Driver’s Seat as Price Crosses $10K
• Bitcoin Coders Confront an Old Quandary: How to Upgrade an Entire Network