RATE Group | Bitcoin’s Bull Bias Intact Despite 6 Percent Price Pullback
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Bitcoin’s Bull Bias Intact Despite 6 Percent Price Pullback

10 Jan Bitcoin’s Bull Bias Intact Despite 6 Percent Price Pullback

Posted at 02:51h in Cryptocurrency News by

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  • Bitcoin has pulled back from seven-week highs above $8,400, but the bullish breakout confirmed on Jan. 6 is still valid.
  • The price drop was backed by low seller volumes and may be reversed.
  • The bullish case would weaken if prices find acceptance under key support at $7,567.

Bitcoin has pulled back from multi-week highs but is still hovering in bullish territory above key support near $7,600.

The number one cryptocurrency is currently trading at $7,910 – down 6.5 percent from the seven-week high of $8,463, according to CoinDesk’s Bitcoin Price Index (BPI).

The
pullback began during the U.S. trading hours on Wednesday with gold and other safe
havens losing ground on easing of geopolitical tensions.

“Bitcoin’s price dropped down to $8,100 (from $8,300-$8,400 range) right as President Trump announced at 11 a.m. ET that the U.S. will not escalate the conflict with Iran,” Hong Kim, co-founder and chief technology officer at Bitwise Asset Management tweeted Wednesday.

Popular analyst Ran…

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