{"id":405869,"date":"2019-11-30T19:30:12","date_gmt":"2019-11-30T19:30:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=405869"},"modified":"2024-06-11T13:34:41","modified_gmt":"2024-06-11T13:34:41","slug":"bitcoin-at-risk-of-reversing-upwards-momentum-as-bears-fight-back","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-at-risk-of-reversing-upwards-momentum-as-bears-fight-back\/","title":{"rendered":"Bitcoin at Risk of Reversing Upwards Momentum as Bears Fight Back"},"content":{"rendered":"
After making a strong attempt to break above $8,000 yesterday, Bitcoin (BTC) lost the momentum that it had been gaining over the past couple of days and has begun to descend back down towards the lower-$7,000 region.<\/p>\n
The cryptocurrency\u2019s inability to break above $8,000 has led analysts to conclude that BTC could be at risk of reversing its recent uptrend, meaning that significantly further losses could be imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just over 2% at its current price<\/a> of $7,600, which marks a slight retrace from its daily highs of just under $8,000 that were set at the peak of the recent rally that was first sparked when BTC bounced from $6,500.<\/p>\n If Bitcoin fails to garner any upwards momentum in the near-term, it is highly probable that it will see further downside in the coming hours and days, as it may signal that $8,000 is an insurmountable resistance level that will suppress any potential bullishness.<\/p>\n CryptoBirb, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, telling his followers that BTC must break and hold above $7,960 in order for it to have a chance at moving up towards $7,960.<\/p>\n \u201c$BTC must reclaim 7960 to swing 9.1k (note bullish divergence). Early signal is 3D close above MA100. Anything below is MTF~5.4k-oriented,\u201d he noted while referencing the chart in the below tweet.<\/p><\/blockquote>\n $btc<\/a> must reclaim 7960 to swing 9.1k (note bullish divergence) — Adrian Zdu\u0144czyk, CMT (@crypto_birb) November 30, 2019<\/a><\/p><\/blockquote>\n\n
early signal is 3D close above MA100
anything below is MTF~5.4k-oriented
you are welcome pic.twitter.com\/2nATQ8emDe<\/a><\/p>\n