CoinDesk Crypto

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

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

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

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

Related: The Markets Were Already Vulnerable, Then Came Coronavirus

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

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

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

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

Related: Bitcoin Price Falls After One-Hour Volume Spike

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Drops 2% Following Fed’s First Emergency Rate Cut Since 2008
• Why Aren’t the Candidates Talking About Digital Currency?

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

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

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

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

Related: Bitcoin Price Falls After One-Hour Volume Spike

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

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

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

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

Related: Bitcoin Drops 2% Following Fed’s First Emergency Rate Cut Since 2008

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Why Aren’t the Candidates Talking About Digital Currency?
• Bottom In? Bitcoin Makes 4.5% Gain as Sellers Lose Steam

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

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

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

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

Related: Bitcoin Drops 2% Following Fed’s First Emergency Rate Cut Since 2008

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

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

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

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

Related: Why Aren’t the Candidates Talking About Digital Currency?

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bottom In? Bitcoin Makes 4.5% Gain as Sellers Lose Steam
• Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ

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

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

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

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

Related: Why Aren’t the Candidates Talking About Digital Currency?

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

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

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

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

Related: Bottom In? Bitcoin Makes 4.5% Gain as Sellers Lose Steam

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ
• Bitcoin, Uncertainty and the Ultimate Narrative

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

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

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

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

Related: Bottom In? Bitcoin Makes 4.5% Gain as Sellers Lose Steam

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

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

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

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

Related: Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin, Uncertainty and the Ultimate Narrative
• Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally

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

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

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

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

Related: Bitcoin Rebounds as Coronavirus-Infected Stocks Get Jolt From Fed, BOJ

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

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

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

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

Related: Bitcoin, Uncertainty and the Ultimate Narrative

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally
• Bitcoin Rallies After Biggest Weekly Drop Since November

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

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

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

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

Related: Bitcoin, Uncertainty and the Ultimate Narrative

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

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

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

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

Related: Bitcoin’s Option Market Sees Low Chance of Post-Halving Rally

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Rallies After Biggest Weekly Drop Since November
• Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)

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

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

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

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

Related: Bitcoin Rallies After Biggest Weekly Drop Since November

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

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

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

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

Related: Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Yemen’s Civil War Shows the Dangers of Crypto
• As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

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

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

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

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

Related: Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)

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

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

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

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

Related: Yemen’s Civil War Shows the Dangers of Crypto

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving
• Bitcoin News Roundup for Feb. 28, 2020

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

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

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

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

Related: Yemen’s Civil War Shows the Dangers of Crypto

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

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

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

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

Related: As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin News Roundup for Feb. 28, 2020
• Bitcoin Closes on First February Price Loss Since 2014

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

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

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

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

Related: As Fed Contemplates Coronavirus-Prompted Easing, Bitcoin Traders Bet on Halving

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

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

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

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

Related: Bitcoin News Roundup for Feb. 28, 2020

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Closes on First February Price Loss Since 2014
• Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

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

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

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

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

Related: Bitcoin News Roundup for Feb. 28, 2020

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

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

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

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

Related: Bitcoin Closes on First February Price Loss Since 2014

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear
• Ether Futures Volume on FTX Hit Record Highs

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

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

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

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

Related: Bitcoin Closes on First February Price Loss Since 2014

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

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

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

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

Related: Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Ether Futures Volume on FTX Hit Record Highs
• Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

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

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

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

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

Related: Coronavirus Hits US Stocks, Bitcoin Climbs, Haven Status Unclear

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

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

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

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

Related: Ether Futures Volume on FTX Hit Record Highs

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows
• Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off

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

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

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

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

Related: Ether Futures Volume on FTX Hit Record Highs

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

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

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

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

Related: Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

• Over $190M in Bitcoin Liquidated on BitMEX Amid Crypto Market Sell-Off
• Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter

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

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

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

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

Related: Bitcoin Sees Corrective Price Bounce After Hitting One-Month Lows

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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

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

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

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

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

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

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

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

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

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

Related: Bitcoin Erases 38% of 2020 Price Rally as Bears Gain Strength

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

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

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

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

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

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

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

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

Bitcoin image via Shutterstock; charts by Trading View

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