RATE Group | Bitcoin facing major crossroad as sell-off proves relentless
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Bitcoin facing major crossroad as sell-off proves relentless

03 Dec Bitcoin facing major crossroad as sell-off proves relentless

Posted at 05:19h in Bitcoin News by

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Bitcoin is nearing a critical juncture as its recent sell-off shows few signs of abating.

The largest digital token is nearing a crucial inflection point as its price inches closer to the lower band limit of the Trading Envelope Indicator. The gauge smooths moving averages to map out higher and lower limits, with a break below the lower band potentially preceding a retreat similar to the one seen on September 24, when the coin fell 12 per cent in one day.

Bitcoin has lost more than 20 per cent over the past month.

Bitcoin has lost more than 20 per cent over the past month.Credit:Bloomberg

A bounce off the lower limit, on the other hand, could signal support at that level and, possibly, a rally similar to the one seen on October 25, when bitcoin posted a 15 per cent gain.

Whichever way it moves, Bitcoin is nearly certain to see one thing: more trading as its price ebbs closer to the lower level limit, the indicator suggests.

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