CoinDesk Crypto

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: From Crypto Self-Custody to Music Rights, This Mother-Daughter Dev Team Does It All

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: For Crypto Miners, Bitcoin’s Halving Could Mean a Doubling in Costs

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally
• US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: For Crypto Miners, Bitcoin’s Halving Could Mean a Doubling in Costs

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer
• Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself
• $400 Drop: Bitcoin Faces Further Downside After Rejection at Price Hurdle

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• $400 Drop: Bitcoin Faces Further Downside After Rejection at Price Hurdle
• Coinbase Revives Margin Trading, With Conservative (for Crypto) 3x Leverage

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: $400 Drop: Bitcoin Faces Further Downside After Rejection at Price Hurdle

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Coinbase Revives Margin Trading, With Conservative (for Crypto) 3x Leverage
• Bitcoin Most ‘Overbought’ in 2 Years After Price Rises Back Above $10K

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: $400 Drop: Bitcoin Faces Further Downside After Rejection at Price Hurdle

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Coinbase Revives Margin Trading, With Conservative (for Crypto) 3x Leverage

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Most ‘Overbought’ in 2 Years After Price Rises Back Above $10K
• Bitcoin Price Hits 5-Month High Above $10,350

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Coinbase Revives Margin Trading, With Conservative (for Crypto) 3x Leverage

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Most ‘Overbought’ in 2 Years After Price Rises Back Above $10K

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Price Hits 5-Month High Above $10,350
• Muneeb Ali Explains Blockstack’s Big Bet on Bitcoin

• Bitcoin remains trapped in a four-month falling channel despite registering double-digit gains last week.
• Prices could pull back to former resistance-turned-support of $8,800 in the next 24 hours. The bearish case would be invalidated above $9,730.
• A weekly close or two consecutive daily closes (UTC) above the falling channel hurdle at $9,730 are needed to confirm a resumption of the bull rally from April lows around $4,000.

Bitcoin (BTC) eked out double-digit gains last week, but failed to invalidate a four-month bearish trend.

The top cryptocurrency by market capitalization closed (UTC) at $9,557 on Sunday, representing a 16 percent gain from the weekly opening price of $8,237. That’s the biggest weekly gain since the third week of June, when prices had rallied by 20.70 percent, according to Bitstamp data.

The week’s performance looks more impressive if we take into account the fact that prices had dropped to five-month lows below $7,300 on Wednesday. The breakdown, however, was reversed and prices surged by 42 percent to $10,350 on Friday, following Chinese President Xi Jinping’s encouraging comments on blockchain adoption.

Related: Bitcoin Most ‘Overbought’ in 2 Years After Price Rises Back Above $10K

The 16-percent gain seen last week is bitcoin’s ninth double-digit weekly rise of 2019. A 26.73 percent rally seen in the first week of April is the biggest weekly gain of 2019 so far.

Back then, prices had jumped from $4,000 to $5,200, confirming a bullish breakout. The latest double-digit weekly gain, however, has failed to achieve the same, as seen in the chart below.

Bitcoin invalidated a bearish lower-highs set up with a convincing move above the Dec. 25 high of $4,236 in the first week of April. The bullish reversal confirmation paved the way for a solid rally to $13,880 by the end of June.

Related: Bitcoin Price Hits 5-Month High Above $10,350

Since then, the cryptocurrency has charted a series of lower highs and lower lows, as illustrated by the trendlines connecting the June and August highs and July and September lows.

Prices jumped 16 percent last week, but failed to close above the upper edge of the four-month falling channel.

With the bearish channel still valid, it’s too early to call a resumption of the bull market. For that, the bulls need to close the week (Sunday, UTC) above the channel resistance, currently at $9,730.

Last week’s price rise was backed by a surge in trading volumes to the highest level since July. Hence, a strong follow-through cannot be ruled out.

That said, the short-term charts are calling a pullback to $8,800. At press time, BTC is changing hands a around $9,400 on Bitstamp, representing a 9.17 percent drop on a 24-hour basis.

The long upper wick attached to Friday’s and today’s daily candle indicates buyer exhaustion above $10,000 and scope for a price pullback.

The bearish divergence of the relative strength index on the 4-hour line chart (above right) also indicates buyer exhaustion. A bearish divergence occurs when an indicator forms lower highs, contradicting higher highs on price.

As a result, a retest of $8,820 – the former resistance-turned-support of Oct. 11 high – could be in the offing in the next 24 hours.

The bearish divergence would be invalidated if prices rise above $9,730. Failed bearish patterns are powerful bullish signals. Hence, a break above $9,730 would likely yield a quick move above $10,000.

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

Bitcoin image via Shutterstock; charts by Trading View

• Muneeb Ali Explains Blockstack’s Big Bet on Bitcoin
• Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Bitcoin Difficulty Adjustment Feels Like Post-Halving Easing Party

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin’s Impending Golden Cross May Bolster Bulls: Analysts

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Stuck in High $9K Range as Stocks Soar on Powell Comments
• Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Bitcoin’s 2020 Rally Sends Message to Capitalists as Despair on Wall Street Grows

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Battles for $10K as Gold Prints Over 7-Year High

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week
• CZ’s Twitter Feed Swayed New CoinMarketCap Ranking That Put Binance on Top

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: CZ’s Twitter Feed Swayed New CoinMarketCap Ranking That Put Binance on Top

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Options Trading at CME Surged to New Highs in Halving Week

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin’s Price Up 12% Since the Halving
• First Mover: As Fed Swats Down Negative Rates, Bitcoiners Wonder, ‘What If’

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Options Trading at CME Surged to New Highs in Halving Week

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Market Wrap: Bitcoin’s Price Up 12% Since the Halving

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• First Mover: As Fed Swats Down Negative Rates, Bitcoiners Wonder, ‘What If’
• Bitcoin’s Price Has Bounced but Miners May Still Be Switching Off Post-Halving

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Derivatives May Have Blunted the Halving’s Volatility Spike

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Steady Near $9K as Trump Touts ‘Gift’ of Negative Interest Rates

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Market Wrap: Bitcoin’s Price Is Rising Despite a Dull Halving
• Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: Dull Bitcoin Halving Salvaged by Satoshi Tribute in Block 629,999

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Third Halving Turns Out to Be Non-Event for Bitcoin’s Price
• Market Wrap: Where Does Bitcoin Go After the Halving?

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: Dull Bitcoin Halving Salvaged by Satoshi Tribute in Block 629,999

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Third Halving Turns Out to Be Non-Event for Bitcoin’s Price

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Market Wrap: Where Does Bitcoin Go After the Halving?
• Zcash Alliance Aims to Bring Privacy Tech to Bitcoin, Cosmos and Ethereum

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Open Positions on Bitcoin Options Pass $1B for First Time

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: Search Interest in Bitcoin’s Halving Reaches Fever Pitch as Price Hits $10K

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Outperforming Gold and Stocks so Far This Month
• First Mover: Bitcoin’s ‘Halving’ Is Coming Even Sooner Than You Realize

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: Bitcoin Outperforming Gold and Stocks so Far This Month

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: Bitcoin’s ‘Halving’ Is Coming Even Sooner Than You Realize

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• ‘Black Thursday’ Distortion Makes Bitcoin Options Look Cheaper
• First Mover: US Arms of Binance, FTX Push Into Margin Trading, but Likely Not at 100x

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: ‘Black Thursday’ Distortion Makes Bitcoin Options Look Cheaper

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: First Mover: US Arms of Binance, FTX Push Into Margin Trading, but Likely Not at 100x

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High
• Why Binance and Akon Are Betting on Africa for Crypto Adoption

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: US Arms of Binance, FTX Push Into Margin Trading, but Likely Not at 100x

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Why Binance and Akon Are Betting on Africa for Crypto Adoption
• Amun Launches Token Tracking the Inverse of Bitcoin’s Price

Bitcoin’s price was quoted in five digits across cryptocurrency exchanges earlier today, but the breakout into $10,000 was short-lived.

The number one cryptocurrency by market value jumped to $10,350 at 01:45 UTC – the highest level since Sept. 24 – according to Bitstamp data. Meanwhile, the global average price, as calculated by CoinDesk’s Bitcoin Price Index, clocked a high of $10,332.

Just 24 hours ago, the cryptocurrency was reeling under bearish pressures below $7,500 and prominent chart analysts were calling a deeper drop, courtesy of the so-called “death cross” – a bearish cross of long-term moving averages.

Related: First Mover: U.S. Arms of Binance, FTX Push Into Margin Trading, But Likely Not at 100x

BTC, however, picked up a bid around $7,500 in the early U.S. trading hours on Friday and rose to $8,800 at 17:20 UTC. Prices then consolidated in the narrow range of $8,500 to $8,700 for a few hours, before printing highs above $10,000 earlier today. Essentially, the death cross trapped sellers on the wrong side for the fourth time since 2014.

Bitcoin closed (UTC) at $8,662 on Friday, representing a 16.51 percent gain on the day, as per Bitstamp data. That is the biggest single-day rise since April 2. Back then, BTC had rallied 18.45 percent from $4,133 to $5,080.

Further, the rise from lows below $7,400 to highs above $10,300 is reportedly the third-largest 24-hour price gain in bitcoin’s history, as pointed out by crypto-asset analyst Yassine  Elmandjra.

Related: Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High

Experts have associated the latest double-digit surge with Chinese President Xi Jinping’s comments that the world’s second-largest economy should accelerate its adoption of the blockchain technology. After all, China was one of the biggest sources of demand for cryptocurrencies during the 2017 bull run.

Prominent observers like Anthony Pompliano are of the opinion that the Chinese president’s public support of the blockchain technology will force the U.S. and other major nations to embrace the technology, perhaps boosting bitcoin.

The investor community, therefore, is expecting the rally to continue. Some observers, however, are worried that the market optimism is premature, as China is developing a digital version of its own currency and is unlikely to lift its ban on bitcoin and other cryptocurrencies.

It remains to be seen whether Xi’s comments power further gains in BTC. The cryptocurrency is losing altitude at press time.

As of writing, BTC is changing hands at $9,320 on Bitstamp, representing a $1,000-plus drop from the Asian session high of $10,350. Technical charts indicate a bullish breakout would be confirmed if prices find acceptance above $9,750.

The daily chart shows early signs of a bullish reversal. For instance, bitcoin’s convincing move above $8,352 (Oct. 21 high) has invalidated the bearish lower highs setup. The cryptocurrency has also violated resistance at $8,820 (horizontal line).

However, the cryptocurrency is yet to exit the falling channel, represented by trendlines connecting June 26 and Aug. 6 highs and July 17 and Sept. 26 lows.

A UTC close above the upper edge of the bearish channel, currently at $9,750, would imply a resumption of the rally from lows near $4,100 seen on April 2 and put the cryptocurrency on the path to re-test of the high of $13,880 hit in June.

Put simply, a channel breakout is needed to confirm a bearish-to-bullish trend change.

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

Hot air balloons image via Shutterstock; charts by Trading View

• Why Binance and Akon Are Betting on Africa for Crypto Adoption
• Amun Launches Token Tracking the Inverse of Bitcoin’s Price