RATE Group | Bitcoin drifting down today but still above $6,000
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Bitcoin drifting down today but still above $6,000

26 Sep Bitcoin drifting down today but still above $6,000

Posted at 10:57h in Bitcoin News by

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CoinDesk analysis of Bitcoin price movements

At 11:00 UTC today on CoinDesk, Omkar Godpole released a technical analysis of Bitcoin’s price fluctuations. He argues that Bitcoin is on the defensive after it breached critical support on Monday. He claims that the price could suffer an even larger drop as there has been a bearish crossover between key moving averages.

On Friday there had been a break above $6,600 and this set the stage for a move toward the next psychological hurdle of $7,000. However, over the weekend the rally fizzled out. On Saturday Bitcoin was able to hit a 17-day high of $6,800 but yesterday it dropped back below $6,600 and this neutralized any bullish outlook.

The pullback from the weekend high of $6,841 to a low so far today of $6,370 confirms the bearish outlook indicated by the negative moving average crossover shown on the monthly chart. In the next few days, consequently Bitcoin could fall below the support level of $6,000.

Chart analysis…

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