RATE Group | Breakdown Over? Bitcoin Indicators Suggest Price Outlook Is Improving
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Breakdown Over? Bitcoin Indicators Suggest Price Outlook Is Improving

15 Aug Breakdown Over? Bitcoin Indicators Suggest Price Outlook Is Improving

Posted at 12:00h in Bitcoin News by

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Bitcoin looks to have fought off a recent bear market breakdown that saw prices landing just above the yearly low of $5,755.

Bitcoin dropped to $5,858 yesterday at 02:00 UTC, just $103 shy of this year’s bottom, according to Bitfinex data.

The suffering has been even worse for much of the altcoin market, some of which have been bleeding out to new yearly lows and seeing drops between 2–15 percent.

Major cryptocurrencies such as ether and XRP dropped by 2.95 and 9.6 percent respectively, before the world’s largest cryptocurrency by market capitalization took an about-turn, stabilizing prices and reversing some of the damage from yesterday’s chaos.

At time of writing, bitcoin is up 5.16 percent over a 24-hour period, according to CoinMarketCap, and is changing hands at $6,375.

Daily chart

Glaring out on the daily chart, the relative strength index (RSI), used to judge the momentum of a trend, has formed a bullish divergence (Aug. 8–14), whereby prices moved lower, but the…

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