RATE Group | Bitcoin Retraces 45% of Recent Price Gains as Bulls Lose Momentum
75258
post-template-default,single,single-post,postid-75258,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Retraces 45% of Recent Price Gains as Bulls Lose Momentum

10 Jan Bitcoin Retraces 45% of Recent Price Gains as Bulls Lose Momentum

Posted at 14:07h in Cryptocurrency News by

[ad_1]

View

  • Bitcoin continues to lose altitude and risks falling to crucial support near $7,555.
  • A UTC close below that level would invalidate an inverse head-and-shoulders breakout confirmed on Jan. 6.
  • However, the pullback was based on low volumes and could be reversed.
  • A move above $8,000 would imply an end of the price pullback and open the doors for a re-test of the recent high of $8,463.

Bitcoin is flashing red for the third straight day, with a major portion of the recent price gains now erased.

After a drop back to below $7,800, the cryptocurrency has erased nearly 45 percent of the rise from $6,850 to $8,463 witnessed in the six days to Jan. 8, according to CoinDesk’s Bitcoin Price Index.

At press time, the biggest cryptocurrency by market value is currently changing hands near $7,757, representing a 1.5 percent drop from the day’s opening price (UTC) of $7,875. Bitcoin shed 1.4 percent and 2.9 percent on Wednesday and Thursday, respectively.

The cryptocurrency did show signs of…

[ad_2]

Source link

Tags:
, , , , , , ,