The leading cryptocurrency looked vulnerable to a pullback 24 hours ago, courtesy of the signs of bullish exhaustion near key resistance of $6,800.
It is worth noting that the short-term moving average is still biased to the bulls (rising).
So, as discussed yesterday, a strong defense of the 10-day MA support would reinforce the short-term bullish outlook and could yield a rally to $7,000.
That said, the probability of BTC closing below the 10-day MA is quite high as the short duration charts have already turned bearish.
The bulls may build steam for a fresh move higher towards $7,000 if BTC closes above 10-day MA today.
Tron Price Key Highlights Tron is on another leg lower but might be due for a bounce off the nearby support zones. Price has tumbled through most of the Fib extension levels but is still due to test the channel support and full extension.
Bitcoin Price Key Highlights Bitcoin price is still inside its short-term ascending channel but is on its way to test support. If the near-term floor holds, the Fibonacci extension tool on this pullback shows the potential upside targets.
It appears bearish momentum is taking hold of the cryptocurrency markets again. After a successful weekend, prices have come down quite a bit once again. Altcoins are feeling the pressure, whereas Bitcoin is still somewhat stable.
The China Center for Information Industry Development (CCID) released the second iteration of its monthly Global Public Chain Technology Evaluation Index. As part of the Ministry of Industry and Technology Information, the CCID is releasing the monthly reports on behalf of the Chinese government.
Bitcoin Magazine
Bitcoin Price Rebounds to $109,000 After ‘Uptober’ Disappointment, Traders Eye November Bounce
Bitcoin price has recovered to above $109,000 after a volatile October marked by a failed “Uptober” rally, Fed-driven risk aversion, and U.
“When you target one industry the way they are with this bill, that’s bad policy no matter what the industry you’re targeting,” said Satoshi Action Fund CEO Dennis Porter.
Ethereum-based (ETH) social token platform Rally said its sidechain would shutter operations on January 31, and users would be unable to transfer their non-fungible tokens (NFTs), according to emails sent to its community on the same day.