RATE Group | Bitcoin Price Rebounds 11% From Low amid ‘Textbook’ Inverse Head & Shoulders Pattern
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Bitcoin Price Rebounds 11% From Low amid ‘Textbook’ Inverse Head & Shoulders Pattern

28 Nov Bitcoin Price Rebounds 11% From Low amid ‘Textbook’ Inverse Head & Shoulders Pattern

Posted at 00:13h in Cryptocurrency News by

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  • Bitcoin price touches intraday high of $7,668 Wednesday.
  • Earlier in the day, BTC/USD bottomed at $6,847.72, a six-month low.
  • Cryptocurrency markets recover north of $200 billion.

Bitcoin’s price reclaimed the $7,500 handle on Wednesday after plunging to its lowest level in over six months.

BTC/USD Stages Relief Rally

Wednesday’s roller coaster session saw bitcoin’s price breach $6,900 for the first time in over six months. The largest cryptocurrency would eventually find bottom at $6,847.72 on Bitstamp.

A quick relief rally would ensue, sending BTC/USD to a high of $7,668 for a trough-to-peak gain of 11.3%. The largest cryptocurrency was last spotted around $7,617, having gained 6.2% for the day.

Bitcoin price update
Bitcoin rebounds more than 11% from intraday low. | Chart: TradingView

Bitcoin has bounced off extreme overbought levels but remains in a descending channel that began in late October. An RSI reading of around 40 suggests further downside pressure is possible.

While it’s too…

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