Bitcoin (BTC) Price Watch: Are Bears Back in the Game?

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Visit the original article * Bitcoin Price Key Highlights Bitcoin price broke below the most recent swing low to validate that selling pressure remains.Price is testing one of the Fibonacci extension levels and could visit the next ones from here.Technical indicators
  • are offering mixed signals however the total drop stays intact.Bitcoin price is resuming the slide and bearish pressure

    might choose up now that it broke listed below the$ 6,050 swing low.Technical Indicators Signals The 100 SMA is safely listed below the longer-term 200 SMA

    to signify that the course of least resistance is to the drawback. This signals that the selloff is most likely to resume than to reverse. The short-term moving average likewise lines up with the top of the channel to contribute to its strength as a ceiling.Price has actually broken below the swing low and 50%Fib extension around $6,050 to show that bearish momentum is picking

    up. This might be enough to take bitcoin down to the support at $5,500 or the full extension at$5,238. RSI is heading north so bitcoin cost might follow suit. Similarly stochastic is going up to indicate that buyers are attempting to regain control while sellers take a break. Once both oscillators struck overbought levels, though, bears might return and push for new lows. BTC/USD Chart from TradingView Market Factors Bitcoin price suffered another tumble on news of yet another hack, this time in China including cryptocurrency called Siacoin. As it turned out, malware affecting computers in

  • some internet coffee shops enabled hackers to mine Siacoin worth around$800,000. This amount is relatively little and does not directly affect bitcoin rate, the impact on industry confidence has been substantial. In previous weeks, there have been hacks on South Korean exchange Coinrail and on bigger company Bithumb, so it’s not a surprise that investors are on edge when it pertains to security issues.The post Bitcoin(BTC )Price Watch: Are Bears Back in the Game? appeared first on NewsBTC.