The price of Bitcoin declined last week after failing to extend gains above $470, but analysts suggest the cryptocurrency could be eyeing an even bigger breakout now that rate-hike jitters appear to have abated.
The BTC/USD exchange rate has declined 3.5% over the past five days. The pair bottomed out at $435.08 on Friday before rebounding 1.7% to reach $442.41. According to analysts, the BTC/USD is considered bullish above $435, which is considered a key technical support line. A break below $435 could expose lows near $420. On the upside, the $470 region continues to offer the toughest resistance.
http://www.economiccalendar.com/2016/05/23/btcusd-bitcoin-holds-major-support-after-fomc-backlash/
