RATE Group | Continued Losses See Bitcoin Erase 40% of Recent Price Rally
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Continued Losses See Bitcoin Erase 40% of Recent Price Rally

25 Jan Continued Losses See Bitcoin Erase 40% of Recent Price Rally

Posted at 07:56h in Cryptocurrency News by

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  • Bitcoin has dropped to 10-day lows, bolstering the case for a test of support at $8,000.
  • Short-term indicators are signaling a strengthening of downside momentum.
  • A move above $8,800 is needed to revive the bullish setup.

Bitcoin’s price pullback has gathered steam in the last 24 hours, erasing a major portion of the cryptocurrency’s recent gains.

The top cryptocurrency dived out of the $8,460–$8,750 congestion zone during the European trading hours on Thursday, signaling a continuation of the pullback from Sunday’s high near $9,200.

So far, the follow-through to the range breakdown has been bearish. The cryptocurrency fell to $8,230 soon before press time – the lowest level since Jan. 14, according to CoinDesk’s Bitcoin Price Index.

Related: BlockFi Adjusts Interest Rates to Lure Larger Crypto Deposits

Notably, bitcoin has now erased nearly 40 percent of the rally from $6,853 to $9,188 witnessed in the 17 days to Jan. 19.

Further,bitcoin is now down 10 percent from…

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