Bitcoin Faces First Close Below This Key Long-Term Support in 2.5 Years

Bitcoin risks closing below the 50-week moving average (MA) – an important long-term support not breached for over 2.5 years. With the bears already on the offensive following the recent sell-off, prices are likely to suffer if bitcoin closes on Sunday below the key support, currently seen at $7,611. More worryingly for the bulls, since the cryptocurrency has not traded below the 50-week MA since October 2015, acceptance below that level would only add credence to the argument that the long-term bull run has ended. Weekly chart As seen on…

Bitcoin Faces Drop to $7K as Bull Defense Crumbles

Bitcoin (BTC) is trading on the defensive today, having dropped 16 percent over the last three days. As of writing, BTC is changing hands at $7,270 on Bitfinex, down 6.5 percent in the last 24 hours, and could extend the slide further to $7,000 in the next 24 hours. The cryptocurrency closed (as per UTC) at $7,494 yesterday – its lowest daily close since April 12 – and looked oversold as per the relative strength index (RSI) in the hourly and 4-hour chart. A resulting corrective rally ran info offers…

Bitcoin Price Faces Bear Indicator Not Seen Since 2014

Following bitcoin’s recent losses, a key long-term trend indicator is looking increasingly bearish. Notably, the five-month moving average (MA) has rolled over in favor of the bears and looks set to cut the 10-month MA from above – a bearish crossover that hasn’t been seen since June 2014. If that occurs it could be a worrying signal for the long-term price outlook. Back then, following an identical crossover in June 2014, the cryptocurrency subsequently dropped by 70 percent (from $580 to $166) in the seven months leading up to January…

Bitcoin Price Falls to 35-Day Low Below $8K

Bitcoin’s price has slipped below $8,000 to hit a 35-day low. Just an hour after the May 23 trading session began, data from CoinDesk’s Bitcoin Price Index shows the price of the world’s largest cryptocurrency started to fall, dropping to its lowest point since April 18. After steadily climbing up to nearly $10,000 on May 6, bitcoin’s price has been on a gradual decline since then towards a current low at $7,876, reflecting a 20 percent drop over the past two weeks. The price has bounced back slightly to $7,910…

He Paid How Much? CoinDesk Releases ‘Bitcoin Pizza Day’ Price Tool

Eight years ago today, the first reported exchange of bitcoin for a consumer product – a pair of Papa John’s pizzas – took place. At a total cost of 10,000 bitcoins, it was a milestone for the adoption of cryptocurrency and one that has since been commemorated though the celebration of May 22 as “Bitcoin Pizza Day.” Yet even the most cursory observation of Bitcoin Pizza Day isn’t complete without a calculation of precisely how much, in dollar terms, those two pizzas cost. With that, CoinDesk is today releasing a…

He Paid How Much?! CoinDesk Releases ‘Bitcoin Pizza Day’ Price Tracker

Eight years ago today, the first reported exchange of bitcoin for a consumer product – a pair of Papa John’s pizzas – took place. At a total cost of 10,000 bitcoins, it was a milestone for the adoption of cryptocurrency and one that has since been commemorated though the celebration of May 22 as “Bitcoin Pizza Day.” Yet even the most cursory observation of Bitcoin Pizza Day isn’t complete without a calculation of precisely how much, in dollar terms, those two pizzas cost. With that, CoinDesk is today releasing a…

Failed Bull Breakout Leaves Bitcoin Eyeing Drop to $8K

Bitcoin’s failed bull move on Sunday has left the doors open for the bears to make a comeback. The inverse head-and-shoulders breakout on May 20 signaled a short-term bullish reversal that could have seen bitcoin rise to $9,000 (target as per the measured height method). However, the bulls ran out of steam at a high of $8,644 yesterday and prices had fallen back to $8,240 at time of writing – a drop of 2.8 percent over the last 24 hours, according to Bitfinex. The decline did not come as a surprise,…

Bitcoin Back Above $8,500 But Does Rally Have Legs?

Bitcoin’s (BTC) has bounced back above $8,500, but the rally is not backed by decent trading volumes, the technical charts indicate. The cryptocurrency closed below key technical levels on Thursday, signaling a bearish breakdown, but the ensuing sell-off unexpectedly ran out of steam at $7,925 on Friday. Then, over the weekend, bitcoin gained more than $500, rising back above resistance at the 50-day moving average. As of writing, BTC is changing hands at $8,530, having clocked a six-day high of $8,644 earlier today. While last week’s bearish trend seems to…

Bitcoin Hits One-Month Low As $10K Sell-Off Resumes

Bitcoin’s (BTC) drop to one-month lows below $8,000 has strengthened the bear grip on the markets, the technical charts indicate. The cryptocurrency fell to $7,925 on Bitfinex earlier today – the lowest level since April 18 and has retraced 50 percent of the rally from the April 1 low of $6,425 to May 5 high of $9,990. As of writing, BTC is changing hands at $8,120, representing a 2 percent drop in the last 24 hours. The recovery from the low of $7,925 could be associated with the oversold conditions…

Bear Revival? Bitcoin Risks Fall Below $8K After 3.5-Week Low

Bitcoin’s (BTC) bears have unraveled the minor rally in prices since Saturday and are now looking to pull the cryptocurrency below the $8,000 mark, the technical charts indicate. The bears’ comeback comes after bitcoin saw minor gains after the May 12 low of $8,204, but the bulls repeatedly failed to cut through the key falling trendline hurdle. As a result, bitcoin fell to a 3.5-week low of $8,100 on Bitfinex earlier today. As of writing, BTC is changing hands at $8,366 – down 4.7 percent in 24 hours. Daily chart The…