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: What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review

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: This Visa Card Gives Bitcoin Rewards on Dollars Spent

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 Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same
• Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K

• 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: This Visa Card Gives Bitcoin Rewards on Dollars Spent

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: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

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 Bull Case Strengthens After Breaching Price Hurdle at $7.1K
• Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among 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: This Visa Credit Card Gives Bitcoin Rewards on Dollars Spent

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: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

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 Bull Case Strengthens After Breaching Price Hurdle at $7.1K
• Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among 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: Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among 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: First Mover: A Sneak Preview of Bitcoin’s Halving — in Real Time

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

• Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices
• Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

• 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: A Sneak Preview of Bitcoin’s Halving — in Real Time

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: Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices

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 Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K
• Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

• 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 Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

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: Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

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’s Back in the Black for 2020
• Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

• 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: Price Gap Between Sellers and Buyers Yawned During Bitcoin’s March Sell-Off, Study Finds

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: Bitcoin’s Back in the Black for 2020

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

• Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold
• Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery

• 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’s Back in the Black for 2020

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: Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

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

• Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery
• Bitcoin Community Funds Italian Red Cross Medical Facility to Combat Coronavirus

• 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: Peer-to-Peer Crypto Exchange Paxful Now Lets You Trade Bitcoin for Gold

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: Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recovery

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 Community Funds Italian Red Cross Medical Facility to Combat Coronavirus
• Bitcoin’s Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling

• 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: Up 3%: Bitcoin Leaves S&P 500 Behind in Year-To-Date Recovery

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 Community Funds Italian Red Cross Medical Facility to Combat Coronavirus

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 Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling
• Ether Rises to 28-Day High Amid Positive Sentiment for Coming ‘Eth 2.0’ Upgrade

• 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 Future: Exactly How a Coming Upgrade Could Improve Privacy and Scaling

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: Ether Rises to 28-Day High Amid Positive Sentiment for Coming ‘Eth 2.0’ Upgrade

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, Equities Markets Rally on Signs of Hope
• First Mover: Trillions in Coronavirus Stimulus Bring Out the Bitcoin Bulls

• 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, Equities Markets Rally on Signs of Hope

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: Trillions in Coronavirus Stimulus Bring Out the Bitcoin Bulls

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

• Ether-Bitcoin Price Volatility Spread Hits 4-Month Low
• Bitcoin Extends Rally as Trading Volume for CME Futures Hits Three-Week High

• 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: Trillions in Coronavirus Stimulus Bring Out the Bitcoin Bulls

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: Ether-Bitcoin Price Volatility Spread Hits 4-Month Low

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 Extends Rally as Trading Volume for CME Futures Hits Three-Week High
• Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed

• 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: Ether-Bitcoin Price Volatility Spread Hits 4-Month Low

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 Extends Rally as Trading Volume for CME Futures Hits Three-Week High

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 Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed
• Bitcoin Enters Historically Strong Quarter With 3% Price Gain

• 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 Extends Rally as Trading Volume for CME Futures Hits Three-Week High

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 Briefly Tops $7K as Traders Say Worst of 2020 Sell-off May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain
• Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s 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: CME Bitcoin Futures Volume Hits 3-Week High as Bitcoin Extends Rally

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 Briefly Tops $7K as Traders Say Worst of 2020 Sell-off May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain
• Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s 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: Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-off May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving
• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

• 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 Briefly Tops $7K as Traders Say Worst of 2020 Selloff May Have Passed

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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving
• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

• 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 Blows Past $7K in Sudden 14% Jump

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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving
• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

• 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 Enters Historically Strong Quarter With 3% Price Gain

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 Takes Tumble, Traders Fret Correlation and Next Month’s Halving

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

• Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic
• As Crypto Prices Reeled in Q1, These Coins Stood Out