“A range breakout would have meant a continuation of the uptrend. Prices, however, dived out of the narrowing price range on Saturday, confirming victory for the bears,” the website’s latest technical analysis piece reads.
The online publication said that a “strong bounce from the 5- and 10-week moving averages at $10,804 and $10,625, respectively, could fuel a rise back to $12,000”. However, it added that a high-volume daily close or a back-to-back daily close above $12,000 was needed to revive the bullish trend.
In today’s trading, the Bitcoin price stood at $11,339.66, as of 12:46 BST. The digital currency has lost 0.5% of its value in the past 24 hours. The coin’s total market cap currently stands at $202.6 billion, which represents 68.6% of the combined value of all digital currencies.
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The post Bitcoin price (BTC/USD) tumbles as bears regain control appeared first on The Independent Republic.
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