RATE Group | Bitcoin Sees Red Again. Is a Weekend Rally around the Corner?
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Bitcoin Sees Red Again. Is a Weekend Rally around the Corner?

26 May Bitcoin Sees Red Again. Is a Weekend Rally around the Corner?

Posted at 15:20h in Bitcoin News by

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Bitcoin slipped 1.58% on Friday, reversing Thursday’s 1.08% gain, to end the day at $7,456.8.

A move through to a morning high $7,654.1 fell short of the day’s first major resistance level at $7,783.93 and 23.6% FIB Retracement Level of $7,906.4 before reversing. Bitcoin fell to an intraday low $7,318.2 in the late morning to call on support at the day’s first major support level at $7,314.13 before recovering to $7,400 levels, the second half of the day relatively range bound, with a downward bias.

The Bitcoin bears ruled the roost through the week, with Bitcoin falling 12.5% Monday through Friday, supporting the extended bearish trend formed at 5th May’s swing hi $9,999, with Bitcoin failing to test resistance at the 23.6% FIB Retracement Level for a second consecutive day, while also striking a new swing lo $7,260 on Thursday.

Negative news through the week included talk of price manipulation and an investigation by the U.S Department of Justice into trading practices,…

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