RATE Group | Bitcoin pares early losses, turns flat on the day near $7,500
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Bitcoin pares early losses, turns flat on the day near $7,500

08 Dec Bitcoin pares early losses, turns flat on the day near $7,500

Posted at 14:40h in Bitcoin News by

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  • Cryptocurrency market action remains subdued for the second straight day.
  • Bitcoin continues to fluctuate in a tight range around the $7,500 handle.

Bitcoin (BTC) fell to a daily low of $7,380 during the early trading hours of the Asian session on Sunday but didn’t have a difficult time retracing its losses. As of writing, the BTC/USD pair was virtually unchanged on the day at $7,500. The lack of any significant developments that would attract the cryptocurrency market’s attention causes major cryptocurrencies to remain stuck in their recent ranges. Even after the Istanbul network update, Ethereum continues to move sideways around $150.

Technical outlook

The Relative Strength Index (RSI) on the daily chart stays directionless near the 50 mark, revealing the pair’s indecisiveness in the short-term. Additionally, a symmetrical triangle seems to be forming on the same chart, further supporting the view that the pair will remain neutral. Meanwhile, the pair…

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