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Bitcoin Price Spiked 11% in February But Could Tank & Hit New Lows
By CCN.com: The bitcoin price posted its first monthly gain in February after a dismal seven-month drought. However, technical analysis suggests the original cryptocurrency could crater to new lows because a downtrend appears to be forming.
Bitcoin Price Spiked 11% In February
Mati Greenspan is a senior market analyst at Tel Aviv-based crypto trading platform eToro. He told Bloomberg that February’s 11% spike in the bitcoin price is encouraging, but it isn’t out of the woods yet. Greenspan noted that trading volume has rocketed to a 12-month high.
After six months in the red, it’s great to finally close one in the green. What I’ve been watching lately are the number of transactions on the bitcoin blockchain and the total volumes across crypto exchanges — both of which are holding at their highest levels in more than a year.
Even though we’re still officially in a bear market, there is plenty of cause for optimism.
However, Greenspan noted that bitcoin’s failure to stay above $4,000 is part of a longer-term downtrend that’s materializing.
Bitcoin’s six-month price chart is sobering. | Source: WorldCoinIndex
Technical Analysis Not Always Accurate
As of this writing, bitcoin’s technical chart is somewhat bullish because its RSI (relative strength index) is hovering at 36.
