Stuck in the doldrums today, bitcoin needs a quick break above $12,500 or the tide may turn in favor of the bears, the charts suggest.
The “V” shaped recovery in bitcoin (BTC) from Wednesday’s low has stalled below the $12,000 mark in the last 12 hours. Prices on CoinDesk’s Bitcoin Price Index (BPI) did rise to $12,045.09 at 15:14 UTC yesterday, before retreating to sub-$11,500 levels by 22:00 UTC.
The slide from the high of $12,045 was extended further to $10,988.79 in Asian hours today. However, bitcoin soon regained poise and rose to an intraday high of $11,808.49 (at 08:44 UTC).
As of writing, bitcoin is trading at $11,660. The world’s largest cryptocurrency by market capitalization has appreciated by 3.17 percent in the last 24 hours, according to data source OnChainFX. BTC is also up 27 percent from the week’s low of $9,199.59 (as per the BPI).
Read the full article here: Bitcoin Stuck at $12K
However, the price chart analysis says the immediate outlook is neutral and only two consecutive daily closes (as per UTC) above $12,500 would improve odds of BTC rallying sharply in line with the historical pattern.
2018 is scarcely older than a fortnight and already it’s shaping up to be more action-packed, exhilarating, and occasionally terrifying than the previous year. To date January has witnessed the rise of vaporware, billion dollar market caps gained and lost, and XRP rise up to threaten The Rippening before slinking back to its corner. At its lowest point on Tuesday, Ripple came close to the dollar mark, down 65% from its January high.
While some traders panic sold and others hodled for dear life, a few tried to ride the waves that saw bitcoin buffeted every which way. At least one tradercalled it right, noting the previous support line that bitcoin would bounce off, and so it proved to be. 100 million tethers were released into the fray in what one trader dubbed crypto’s “quantitive easing”, unleashing a green candle that temporarily spared bitcoin’s blushes. Despite clawing its way back over $11k and holding $11,200 for a few hours, as of Wednesday 9am (NYT), BTC is close to four figures once more.