Bitcoin’s Path to $5K Faces a Major Hurdle

Bitcoin’s ongoing recovery rally faces a major obstacle that could impede progress towards $5,000, according to the technical charts. The leading cryptocurrency by market capitalization jumped to a two-week high of $4,108 earlier today, validating the short-term bearish-to-bullish trend change confirmed earlier this week. Notably, the break above the psychological hurdle of $4,000 looks sustainable, as 24-hour trading volume has jumped to one-month highs above $8 billion. As a result, more bargain hunters could join the party, creating further upward pressure on prices. Even so, the rally may stall near $4,400 for…

Bitcoin Price Rebounds to Two-Week Highs Above $4K

Bitcoin’s (BTC) relief rally gathered pace on Thursday, pushing prices to two-week highs above the psychological hurdle of $4,000. The cryptocurrency rose to a high of $4,067 at 09:06 UTC – a level last seen on Dec. 4 – according to CoinDesk’s Bitcoin Price Index (BPI). Its market capitalization also hit a two-week high of $70 billion. At press time, the world’s largest cryptocurrency by market capitalization was trading at $4,000 – up 28 percent from the 15-month low of $3,122 reached earlier this week. The recovery rally was overdue as…

Bull Reversal: Bitcoin Climbs Key Price Hurdle to Target $4K

Bitcoin’s (BTC) price crossed key resistance yesterday, boosting the prospects of a stronger rally above $4,000. The leading cryptocurrency by market value broke out of a bearish descending pattern and closed above key resistance at $3,633 yesterday. That came after picking up a strong bid on the anniversary of its 2017 all-time price high on Monday. Tuesday’s close has also pushed up the probability of a bullish three-day close above $3,590 being confirmed on Thursday. So, with the short-term picture looking bullish, the focus shifts to the next major resistance levels…

Holiday Rally? Bitcoin Jumps 10% on Price Record Anniversary

Bitcoin (BTC) could be in for a stronger recovery rally ahead of New Year as the recent major sell-off looks to be fading. The leading cryptocurrency by market value had been trading near $3,200 early yesterday, representing an 83 percent drop from the record high of $20,000 reached the same date in 2017. However, BTC, which had been ignoring extreme oversold conditions for weeks and struggling to pick up a bid, suddenly jumped to an eight-day high of $3,590 from around 12:00 UTC. As of writing, the cryptocurrency is changing…

A Year Ago Today Bitcoin’s Price Hit a Record $20k

Bitcoin (BTC) is still struggling to find the bottom of a bear market on the anniversary of its $20,000 all-time record price high. At press time, the world’s largest cryptocurrency by market capitalization was trading at $3,230 on Bitstamp – down 83.5 percent from the record high of $20,000 reached on Dec. 17, 2017. BTC is also down 76 percent on a year-to-date basis (from its opening price of $13,880 on Jan. 1) and is on track to end its three-year winning streak. The picture, however, was remarkably different in…

Bitcoin Price Defies Oversold Conditions to Hit 15-Month Low

Bitcoin (BTC) tumbled to 15-month lows earlier today, dashing hopes of a rally signaled by current extreme oversold conditions. The world’s largest cryptocurrency by market capitalization fell to $3,200 on Bitstamp at 00:15 UTC – the lowest level since September 2017. BTC was trapped in a five-day-long narrowing price range 24 hours ago and showed signs that it might break upwards with a strong move toward the crucial resistance at $3,633. These bullish expectations were based largely on a premise that the sellers are facing exhaustion, as indicated by the…

Bitcoin Price Consolidates Sub-$3.5K With Bulls and Bears in Stalemate

Bitcoin (BTC) is consolidating below $3,500 for the third day straight. The challenge now is to gauge whether the bulls or the bears will win out in the coming days. As discussed yesterday, the leading cryptocurrency could soon see a corrective rally if prices manage to clear the crucial resistance at $3,633 (the high of an “inverted hammer” candle on the 3-day chart) by Friday’s UTC close. The bull case is also bolstered by bitcoin’s 14-week relative strength index, which is reporting oversold conditions for the first time since January…

Bitcoin Price Charts Indicate Glimmer of Hope for Corrective Rally

Bitcoin’s (BTC) struggle to build a notable bounce could end if prices beat key resistance above $3,600. The leading cryptocurrency by market value fell to 15-month lows near $3,200 last week, pushing the 14-week relative strength index (RSI) below 30.00 for the first time since 2015. So, with bitcoin so extremely oversold, a recovery rally cannot be ruled out – more so because there is evidence of bargain hunters challenging the bears’ resolve to push prices lower. For instance, BTC posted a three-day candle on Dec. 8 that closed below…

Bitcoin Oversold on Weekly Price Chart for First Time in Four Years

A key long-term bitcoin (BTC) price indicator is reporting oversold conditions for the first time in almost four years. The widely followed 14-week relative strength index (RSI), which oscillates between zero to 100, is currently seen at 29.80 – a level last seen in January 2015. An asset or a cryptocurrency is considered to be oversold if the RSI is holding below 30.00. On the other hand, an above-70 reading indicates overbought conditions. Essentially, the under-30 reading on the 14-week RSI indicates that the recent heavy selling from the highs…

Not Everyone Wants a Bitcoin ETF

While many traders eagerly await a potential bitcoin exchange-traded fund (ETF), some of the cryptocurrency’s most passionate advocates are lukewarm at best about the prospect of such an instrument. Twitter is flush with users like crypto entrepreneur Jonathan Hamel posting about how an ETF would bring an “epic” inflow of institutional capital to the ecosystem – that is, “billions” of dollars in new investments. But if you talk to early adopters and veteran technologists in the bitcoin community, you’ll hear resounding indifference, if not queasiness. “I don’t think an ETF…