CoinDesk Crypto

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies
• First Mover: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Genesis CEO Details ‘Black Thursday’ Chaos in Q1 Lending Report

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks
• Bitcoin Options Trading Volumes Surge as Price Moves Above $9.4K

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: First Mover: Bitcoin Now Crushing Gold After Biggest Price Jump in Six Weeks

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Bitcoin Options Trading Volumes Surge as Price Moves Above $9.4K

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin’s Price Tear Suggests It’s FOMO Time Again
• Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin Options Trading Volumes Surge as Price Rockets Above $9.4K

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Market Wrap: Bitcoin’s Price Tear Suggests It’s FOMO Time Again

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks
• Coinbase Suffers Temporary Outage as Bitcoin Soars as High as $8,900

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Market Wrap: Bitcoin’s Price Tear Suggests It’s FOMO Time Again

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Coinbase Suffers Temporary Outage as Bitcoin Soars as High as $8,900
• Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin Jumps 12% as Fed Keeps Money Flowing and US Economy Shrinks

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Coinbase, Kraken Suffer Temporary Outages as Bitcoin Soars as High as $8,900

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments
• Bitcoin Rises Above $8.1K, Clinching an April Gain for Fifth Year Running

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Bitcoin Rises Above $8.1K as Bull’s Eye April Gain for Fifth Year Running

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality
• Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Bitcoin Rises Above $8.1K as Bulls Eye April Gain for Fifth Year Running

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality
• Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin Rises Above $8.1K as Bulls Eye April Gain for Fifth Year Running

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds
• Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: First Mover: For Bitcoin Prices, Inflation Headlines May Matter More Than the Reality

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests
• Bitcoin’s Halving Is Irrelevant for Some Large Traders

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Halving Is Irrelevant for Some Large Traders
• Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Stacking Sats? Small Bitcoin Holders on the Rise, Data Suggests

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Bitcoin’s Halving Is Irrelevant for Some Large Traders

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months
• Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin’s Halving Is Irrelevant for Some Large Traders

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer
• Market Wrap: Ether Up 50% in 2020, Hits $200 on Sunday

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

Related: Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Market Wrap: Ether Up 50% in 2020, Hits $200 on Sunday
• Bitcoin Hits Highest Level Since Black Thursday Amid Halving Buzz

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

Related: Why a Startup You’ve Never Heard of Is Now Sponsoring a Bitcoin Core Developer

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Hits Highest Level Since Black Thursday Amid Halving Buzz
• First Mover: Ether Trounces Bitcoin as Network Sees Surge in Stablecoins

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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

• A four-month falling trendline proved a tough nut to crack during the Asian trading hours and reversed bitcoin’s rise from $9,200 to $9,500. The outlook, however, would turn bearish only below the 200-day average support at $9,127.
• The pullback from $9,500 to $9,200 lacked volume support and could be short-lived.
• A high-volume UTC close above $9,470 is needed to confirm an upside break of the multi-month falling trendline and open the doors for $13,880 (2019 high).
• Acceptance below the 200-day MA would weaken the immediate bullish. The resulting sell-off to $8,500, if any, will likely be transient.

Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.

The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.

The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 26. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.

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

Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.

The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $7,500.

However, such fears may be premature, as prices are still holding above the 200-day MA support, a barometer of long-term market trends, as seen in the chart below.

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

BTC is again struggling to get past the descending trendline, currently at $9,470. Even so, it is early to call a bearish reversal, as the 200-day MA support at $9,127 is intact.

The average has been restricting downside since Oct. 30, having worked as resistance multiple times in the 16 days to Oct. 11.

All-in-all, BTC is being squeezed between the long-term average support and the falling trendline resistance.

A high-volume UTC close above $9,470 is needed to confirm an upside break of the falling trendline. That would imply a resumption of the bull market from lows near $4,100 seen at the beginning of April and open the doors for resistance at $13,880.

On the downside, acceptance below the long-held 200-day MA support at $9,127 will likely invite stronger selling pressure, leading to a drop to $8,500.

A bullish breakout looks likely, as the cryptocurrency tends to pick up a strong bid six months ahead of reward halving, as discussed last week.

Note that the recent pullback from $10,350 lacked volume support. Essentially, it represents a bull breather and could be reversed.

BTC jumped from $9,273 to $9,586 in the 60 minutes to 22:00 UTC on Monday with buying volume (green bar) hitting the highest level since Oct. 31.

Indeed, the spike has been erased with prices falling to $9,165 a few hours ago but with weak trading volumes.  Therefore, the possibility of BTC rising back to highs near $9,600 cannot be ruled out.

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