RATE Group | Bitcoin Erases Weekend Gains & Struggles to Break Out of Bear Trend
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Bitcoin Erases Weekend Gains & Struggles to Break Out of Bear Trend

13 Nov Bitcoin Erases Weekend Gains & Struggles to Break Out of Bear Trend

Posted at 03:39h in Bitcoin News by

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Bitcoin price erase gains



Bitcoin kicked off the week by erasing gains made during the weekend, falling 1 percent against the US Dollar.

Bitcoin Relinquishes Hard-Fought Gains

The BTC/USD pair stayed depressed despite an upside attempt, printing intraday lows near 6319-fiat against the high at 6384-fiat. The breakdown action in the European forex market helped the dollar establish its 16-month high. Due to the US bank holiday today, Wall Steet is bound to post lower volume, but its relevance to the overall intraday health of the greenback could surface tomorrow when the market opens.

Meanwhile, bitcoin remains dead-locked under the giant bearish trendline discussed on plenty of occasions on CCN. Bulls’ inability to establish a concrete breakout action could lead BTC/USD to resume its downward movement. The extended declines nevertheless wake bulls around crucial support zones, the primary being around 6000-fiat. As a result, the market since September 7 is…

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