After Testing $7K — Is Bitcoin Price Finally Close to the Bottom?
Cointelegraph By filbfilb's original article for cointelegraph.com reduced by 73%
Bitcoin opened the day at $7,600 and began a sharp decline to find lows of $6,800 - a loss of just over 10%. Price has since been pushed back across $7,000 with buyers showing interest in prices below the $7K handle. As price fell towards previous support at $7,600 and the 100-week moving average, Bitcoin found no support and sold off beyond the 61.8% retracement and down to the 65% retracement of the 2019 bull run where it has found some intermediate support.
BTC price failed to find support at $7,600 and fell straight through the previous support at 7,400, which was the launchpad for the move to $10,000. Based on technicals and trends alone, it seems as though there is a good argument for Bitcoin finding some buying interest in the $6,000 price range. The premium on the futures market has been eliminated and is now in backwardation, meaning spot price is above the futures price.
Again, Bitcoin price typically has an inverse relationship with this index and could highlight a temporary bottom may be nearing, although the index has seen lows as far as 5 on the scale. Bitcoin bulls have clearly lost key support at the 100-week moving average, which has spelled trouble in the past and this accelerated today's price drop.
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CN [too long; didn’t read]
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