The Crypto Market Just Fell to a New 2018 Low

Bitcoin sank to its lowest price in over a year on Wednesday, with the prices of other major cryptocurrencies falling alongside it. As of press time, bitcoin is trading at $5,525.92 – a more than 12 percent decline on the day – in the latest sign that volatility around the world’s largest cryptocurrency by market capitalization has returned with a vengeance. Indeed, bitcoin’s collective market cap dropped below the $100 billion level for the first time since November 12 of last year, according to CoinDesk’s Crypto-Economics Explorer (CEX). In the past 12-hours…

Bitcoin Price Charts ‘Death Cross’ In First Since 2014

Bitcoin’s (BTC) price woes may not be over just yet, as a key technical indicator is about to turn bearish for the first time in four years. On the three-day chart, the 50-candle simple moving average (SMA) looks set to cut the 200-candle SMA from above, confirming what is popularly known as the “death cross.” This specific bearish crossover was last seen in December 2014. The onset of a death cross can be a warning that a bear market is looming, according to technical theory. In reality, however, it is…

Bitcoin Back on the Defensive After Price Hits Two-Week Low

Bitcoin’s (BTC) price dropped to two-week lows earlier today and could extend the decline to key support near $6,100, technical charts indicate. The leading cryptocurrency was teasing a bullish move 24-hours ago, having carved out a lower high of $6,270 along the support of the trendline connecting the Oct. 11 low and Oct. 31 low. The defense of the key trendline support was also backed by a bullish divergence of the MACD (moving average convergence divergence) histogram. Even so, BTC failed to pick up a bid, possibly due to sharp…

Bitcoin Teases Bull Move After Defense of Key Price Support

Bitcoin could be in for a recovery rally, having defended a key support level over the weekend. The leading cryptocurrency has been looking bearish over the last week. It suffered an ascending channel breakdown on Nov. 7, suggesting a temporary top had been created at $6,540, while the moving averages rolled over in favor of the bears a day later. As a result, BTC looked likely to drop below the support of the trendline connecting the Oct. 11 and Oct. 31 lows, and move toward $6,200 over the weekend. Instead,…

Bitcoin Price Eyes $6.2K Amid Further Drop into Bear Territory

Bitcoin’s reversal of the recent uptrend in prices is gathering pace and a drop into a bearish territory below $6,200 is now a possibility, technical charts indicate. The leading cryptocurrency found acceptance below the lower edge of the rising channel yesterday, invalidating the bullish price action witnessed earlier this week. Essentially, the rally from the Oct. 31 low of $6,201 has ended at a high of $6,540 reached on Nov. 7. At press time, BTC is trading at $6,350 on Coinbase, having clocked a five-day low of $6,335 soon before…

Recovery in Doubt as Bitcoin Price Drops Out of Bullish Channel

Bitcoin is painting a less bullish picture than 24 hours ago, following a drop out of an ascending price channel. Stepping back, the leading cryptocurrency picked up a strong bid at $6,200 on Oct. 31, keeping the crucial 21-month EMA support intact. Further, it witnessed a symmetrical triangle breakout earlier this week, suggesting that bulls had come out victorious in a tug of war with the bears. The breakout had looked legitimate as the technical indicators turned increasingly bullish. In particular, the relative strength index rose to a three-month high…

Up $100: Bitcoin Price Indicators Grow Increasingly Bullish

Bitcoin (BTC) looks likely to inch higher toward $6,800 in the near-term, as the technical indicators have grown increasingly bullish in the last 24 hours. Notably, the 14-day relative strength index (RSI), which measures the speed and change of price movements, has jumped to 59.04 – the highest level since Sept. 4. A reading above 50 indicates that bullish forces are acting on the asset. So, it seems safe to say that the leading cryptocurrency is looking its most bullish for two months. At press time, BTC is changing hands at…

It’s Hard to Short Crypto – And That’s Propping Up Prices, Study Finds

The contentious nature of the ecosystem around cryptocurrencies is partly what gives them value – academics call it “belief heterogenity.” But discord and personal sentiment alone isn’t enough to keep prices above zero, according to research from Wang Chun Wei, Ph.D., a finance lecturer at the University of Queensland in Australia. According to Wei, if it was easier to bet against cryptocurrency prices through short positions – when someone borrows, then sells an asset with the expectation of buying it back at a lower price in an effort to make a…

The Number of Bitcoin Short Positions Hits 3-Month Low

The bearish sentiment around bitcoin sank to three-month lows earlier today as short positions placed on crypto exchange Bitfinex fell to their lowest level since August 5th. At approximately 11:00 UTC, the number of short positions dropped to 21,434, which represents a 33 percent drop in the past eight days alone. During the same time, longs – or positions that are betting on an increase in bitcoin’s price – also witnessed a notable increase of 10 percent, the current number of which (24,410) marks a three-week high. Indeed, the sentiment here seems…

This Bitcoin Price Chart May Give Early Warning of Next Bull Reversal

That bitcoin (BTC) has likely found a bottom around $6,000 is now generally accepted, so the challenge for investors and traders is to spot the early signs of a long-awaited bullish reversal. Basic technical theory suggests that a bearish-to-bullish trend change is confirmed after the price invalidates a “lower highs” pattern – a series of descending peaks. As such, bitcoin needs to rise above the September high of $7,400 to confirm a major bullish breakout. That would mean the number one cryptocurrency by market cap needs to rally close to…