Bitcoin Breakout? Price Action Analysis Hints at Possible PullbackThe bitcoin price [BTC to US dollar exchange rate] fell to a two-week low of $3,900 on Tuesday, a market movement that represented the biggest decline for the asset since July.
Triggered by the sudden news from China that the country’s financial regulators would ban initial coin offerings, the decline has also called into question just how big the appetite is for a higher bitcoin price given its 700% year-over-year gains.
However, traders appear to be bullish on the idea it can rise back above $5,000, the all-time high it set last Friday. In fact, traders who missed the rally appear to be utilizing the dip to board the bitcoin freight train – over the last 48 hours, the digital currency has recovered more than 50% of the losses it suffered during the four day period from September 2–5.
At press time, the BTC traded at $4,620, according to the CoinDesk Bitcoin Price Index. Week-on-week, bitcoin is down 2.69%. On a monthly basis, the cryptocurrency is up 34.8%.
Still, while the sharp rally from the weekly low of $3,900 has triggered speculation bitcoin is aiming for the fresh record highs, technical studies say the recovery lacks substance.
https://www.coindesk.com/breakout-bitcoin-analysis-hints-price-might-head-back-4000/
