CoinDesk Crypto

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Market Wrap: Ether Up 50% in 2020, Hits $200 on Sunday

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Hits Highest Level Since Black Thursday Amid Halving Buzz

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins
• Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Hits Highest Level Since Black Thursday Amid Halving Buzz

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off
• Why Global Deflation May Not Be Bad News for Bitcoin

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: Ether Trounces Bitcoin as Network See Surge in Stablecoins

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Why Global Deflation May Not Be Bad News for Bitcoin
• Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Market Wrap: Bitcoin Steady at $7.5K as Short Sellers Back Off

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Why Global Deflation May Not Be Bad News for Bitcoin

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows
• First Mover: Bitcoin Jumps as Fed Assets Top $6.5T and Traders Focus on Halving

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Why Global Deflation May Not Be Bad News for Bitcoin

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Bitcoin Jumps as Fed Assets Top $6.5T and Traders Focus on Halving
• Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Oil’s Been More Volatile Than Bitcoin for Nearly 2 Months, Data Shows

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: Bitcoin Jumps as Fed Assets Top $6.5T and Traders Focus on Halving

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis
• Market Wrap: Bitcoin Gains as Futures Dance the Contango

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: Bitcoin Jumps as Fed Assets Top $6.5T and Traders Focus on Halving

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Gains as Futures Dance the Contango
• Bitcoin Rallies 10% Ahead of CME April Futures Expiration

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Messenger Explores Censorship Resistance During Coronavirus Crisis

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Market Wrap: Bitcoin Gains as Futures Dance the Contango

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rallies 10% Ahead of CME April Futures Expiration
• First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Rallies 10% Ahead of CME April Futures Expiration

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Oil Rebounds As Crypto Makes Gains, Especially Ether
• Stablecoins Aren’t Inflating Crypto Market, Study Concludes

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: Bitcoin Catches Almighty Dollar Even During 2020’s Dash for Cash

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Market Wrap: Oil Rebounds As Crypto Makes Gains, Especially Ether

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Stablecoins Aren’t Inflating Crypto Market, Study Concludes
• Bitcoin Approaches $7K as US Passes New $480B Stimulus Package

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Market Wrap: Oil Rebounds As Crypto Makes Gains, Especially Ether

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Stablecoins Aren’t Inflating Crypto Market, Study Concludes

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Approaches $7K as US Passes New $480B Stimulus Package
• First Mover: What the Oil Price Collapse Means for Bitcoin’s Halving Valuation

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Stablecoins Aren’t Inflating Crypto Market, Study Concludes

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Approaches $7K as US Passes New $480B Stimulus Package

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: What the Oil Price Collapse Means for Bitcoin’s Halving Valuation
• Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Approaches $7K as US Passes New $480B Stimulus Package

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: What the Oil Price Collapse Means for Bitcoin’s Halving Valuation

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K
• First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: What the Oil Price Collapse Means for Bitcoin’s Halving Valuation

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices
• Bitcoin Under Pressure After Oil Prices Crash to Record Lows

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Market Wrap: Oil in Turmoil, Bitcoin Gains Slightly to $6.9K

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Under Pressure After Oil Prices Crash to Record Lows
• Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: 10 Takeaways for Bitcoin From Negative Oil Prices

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Under Pressure After Oil Prices Crash to Record Lows

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day
• First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Market Wrap: Oil Futures Plunge, Bitcoin Dips and Tether Has a $7B Day

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Volatility at 3-Month Low as Market Awaits Big Price Move
• Hong Kong’s First Regulator-Approved Bitcoin Fund Targets $100M Raise

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: First Mover: Bitcoin Attracting More Buyers, Even With Market Stuck in ‘Extreme Fear’

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Bitcoin Volatility at 3-Month Low as Market Awaits Big Price Move

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Hong Kong’s First Regulator-Approved Bitcoin Fund Targets $100M Raise
• Crypto Long & Short: The Battle of the Yields

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Bitcoin Volatility at 3-Month Low as Market Awaits Big Price Move

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

Related: Hong Kong’s First Regulator-Approved Bitcoin Fund Targets $100M Raise

BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

• Crypto Long & Short: The Battle of the Yields
• Bram Cohen: ‘Getting Rich Is a Terrible Metric of Success’

• Bitcoin’s repeated failure to produce a strong bounce from key support indicates the bullish sentiment has fizzled somewhat.
• Failure to hold above a bearish MA on the longer-term chart indicates scope for a deeper drop.
• BTC risks falling to $8,800 in the short-term and may extend the decline to $8,500.
• A high-volume triangle breakout on a 4-hour chart would be bullish, although that looks unlikely at press time.

Bitcoin is struggling to revive its stalled rally and could soon roll over to deeper support levels below $9,000.

The top cryptocurrency picked up a bid near $7,500 on Oct. 25 and jumped to $10,350 on the following day, according to Bitstamp data. The breakout into five figures, however, was short-lived, as prices quickly fell back below $10,000 on Oct. 28 and have remained largely trapped in a narrow range of $9,600–$9,000 since.

Downside has been restricted so far by the 200-day average – a barometer of long-term market trends. A pullback typically reverses from key support levels like the 200-day MA, especially if volumes are low, as has been the case recently.

Related: Hong Kong’s First Regulator-Approved Bitcoin Fund Targets $100M Raise

So far, however, the cryptocurrency has failed to produce a strong bounce from the support, despite positive seasonality.

Prices jumped more than $400 to $9,586 from the MA on Nov. 4 only to surrender gains on the following day. A similar weak bounce has been observed in the last 24 hours or so with prices rising to $9,450 only to dive back to lows near $9,200.

These shallow bounces indicate bullish sentiment generated by the sharp rise to $10,350 has weakened and the market may test dip demand by revisiting levels below $9,000.

As of writing, BTC is changing hands at $9,170 on Bitstamp, representing a 1.50 percent drop on a 24-hour basis.

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BTC’s upside has been capped by the trendline connecting June 26 and Aug. 6 lows multiple times in the last few days. Meanwhile, the cryptocurrency has tested the 200-day MA support five times in eight days.

Trading volumes have fallen sharply since the recent drop-off from $10,350. Low-volume pullbacks are often reversed, but a decent bounce continues to remain elusive.

All-in-all, the cryptocurrency looks set for a drop to the former resistance-turned-support of $8,800.

The upper shadow of the monthly candle represents rejection above the 5-month MA at $9,265. A failure to hold above descending averages usually translates into a notable price drop. Major support is seen at the ascending 10-month MA near $8,000.

The contracting triangle seen above looks likely to be breached to the lower side, as suggested by the daily and monthly indicators.

The ascending 100- and 200-candle MAs, currently at $8,928 and $8,558, respectively, could offer support if a drop out of the zone is confirmed.

The bearish view would be invalidated if the triangle ends with a high-volume bullish breakout. In that case, a retest of $10,000 could be seen.

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

Bitcoin image via Shutterstock; charts by Trading View

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