Yahoo Finance Bitcoin – The Bulls Lose out Again
Bitcoin fell by 2.12% on Thursday, reversing Wednesday’s 1.1% gain, to end the day at $6,242.7.
Following a relatively range bound start to the day that saw Bitcoin hold on to $6,300 levels through to mid-morning, Bitcoin slid through the day’s first major support level at $6,302.43 and second major support level at $6,233.57 to a morning low $6,128.3, with Bitcoin calling on support at around the third major support level at $6,111.97 before steadying.
A range bound late morning and afternoon saw Bitcoin hover at around the $6,200 mark, Bitcoin’s failure to break back through to $6,300 levels keeping the bears in control, leading to a late in the day slide through the day’s third major support level at $6,111.97 to an intraday low $6,079.9 before recovering to $6,200 levels.
For the Bitcoin bulls it was another dire day, with Bitcoin failing to recover back through the second and first major support levels by the day’s end, leaving the extended bearish trend intact, with Bitcoin falling short of the day’s first major resistance level at $6,424.03 on the day.
Negative sentiment through the week has persisted, with the news wires contributing to Thursday’s declines as new hit the wires of less than half of South Korea’s crypto exchanges passing the probe that had started earlier in the summer.
The news comes in the wake of an announcement last week that the South Korean government would take a softer stance on the cryptomarket, while also stating that an ongoing ban on domestic initial coin offerings would be lifted, as South Korea and other major crypto jurisdictions wait on for the rules and regs from the G20.
With questions being raised over the probe, there was some respite late in the day on Thursday, though we can expect the cryptomarket to continue to struggle as South Korea prepares appropriate rules and regulations. Reports of India’s regulator looking to classify cryptocurrencies as commodities, from a regulatory standpoint, was certainly a rare piece of positive new for an asset class that has taken a number of heavy hits through the year
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At the time of writing, Bitcoin was down 0.01% to $6,248.6, bucking the broader market trend, with a start of the day move to a morning high $6,283 failing to hold, whilst also leaving Bitcoin short of $6,300 levels and the day’s first major resistance level at $6,386.97, keeping pressure on the Bitcoin bulls in the early part of the day.
For the day ahead, a move back through morning’s high would support a run at $6,300, with broader market sentiment to dictate whether Bitcoin can break out from $6,300 resistance to bring the day’s first major resistance level at $6,386.97 into play.
Failure to move back through $6,283 could see Bitcoin take another hit through the afternoon, with the day’s first major support level at $6,089.17 certainly in play, following Thursday’s $6,079.9 low, though we will expect Bitcoin to avoid sub-$6,000 support levels barring materially negative news hitting the wires.
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This article was originally posted on FX Empire
