Ethereum World News
  • Ethereum
    Can the Bitcoin (BTC) Price Surge 72% to Hit $16,000?

    Ethereum Could Surge 100% Against Bitcoin as Bull Case Grows, Istanbul Activates

    Is Decentralized Finance (DeFi) Ethereum’s FIrst “Killer” Application?

    Is Decentralized Finance (DeFi) Ethereum’s FIrst “Killer” Application?

    Ethereum (ETH) Istanbul Hard Fork Will (Likely) Activate in 30 Minutes

    Ethereum (ETH) Istanbul Hard Fork Will (Likely) Activate in 30 Minutes

    60% of Ethereum Nodes Not Ready for Istanbul Blockchain Upgrade

    60% of Ethereum Nodes Not Ready for Istanbul Blockchain Upgrade

    Bitcoin (BTC) Price Looks “Ready” to “Break Out,” Analysts Claim

    Ethereum Price to Never Top $1,000 Again? Analyst Thinks So

    Venture Capital Giant Injects Millions into Ethereum DeFi Startup: Good for ETH

    Venture Capital Giant Injects Millions into Ethereum DeFi Startup: Good for ETH

    Ethereum DeFi Scene Sees Shakeup: Synthetix Surmounts Compound

    Ethereum DeFi Scene Sees Shakeup: Synthetix Surmounts Compound

    Ethereum (ETH) Price May Run Again as Istanbul Hard Fork Nears

    Ethereum (ETH) Price May Run Again as Istanbul Hard Fork Nears

    Ethereum Unlikely to Rally Against Bitcoin Unless Key Resistance Clears

    Ethereum Unlikely to Rally Against Bitcoin Unless Key Resistance Clears

  • Bitcoin
    Bitcoin

    Bitcoin May Enter Consolidation Period, Which Could be Bullish for Altcoins

    Bitcoin

    Bitcoin’s On-Chain Metrics May Signal That the Bottom is Close

    “NO”: AliPay Comes Out Against Binance’s Latest Bitcoin On-Ramp

    Bitcoin Price May be Ready to Return to $8,000, Bottoming Pattern Implies

    British Remittance Firm Looks to Adopt XRP-Based Product from Ripple

    Institutions Start to Lean Bullish on Bitcoin Again As Price Holds $7,500

    Bitcoin (BTC) Price to Have a Green Christmas? Report Suggests So

    Bitcoin (BTC) Price to Have a Green Christmas? Report Suggests So

    XRP Price Prints Bullish Divergence, Could Imply Impending Rally

    Shorter of Bitcoin’s $20,000 Top Doubles Down on “BTC Will Die” Narrative

    Bitcoin

    Analyst: Now May Be One of the Top 3 Greatest Bitcoin Buying Opportunities

    Ripple CEO: XRP is Useful, Just Look at Moneygram

    Bitcoin Price Primed to Bounce Towards $10,000 Heading Into Halving: Analysis

    Does Bitcoin Even Need ETFs? Pioneer Asks Amid Fidelity Rollout

    Macro Bitcoin (BTC) Price Trend Implies $5,000 Still Likely: Analyst

  • Latest
  • Prices
    • Ethereum Price
    • Bitcoin Price
    • XRP Price
    • Chainlink Price
  • About Us
    • Contact Us
    • Advertise
    • Disclaimers
    • The EWN Team
    • Partners
    • Terms of services and Privacy policy
No Result
View All Result
Ethereum World News
No Result
View All Result

Bitcoin’s Rough Month May Soon Come to an End; Here’s Why

Cole Petersen by Cole Petersen
November 26, 2019
in Bitcoin News
Bitcoin
0
SHARES
1.1k
VIEWS
Share on TwitterPost on Reddit

Bitcoin is currently sitting on the edge of a precipice as it finds some support at $7,000, which appears to be the only thing currently stopping it from dropping it back to its recent lows of $6,500 that were set at the at the bottom of the recent BTC sell-off.

In the near-term, it does appear that Bitcoin will see some relief as a technical indicator signals that it is significantly oversold at the moment, but analysts are noting that the market is showing some signs of being fundamentally weak.

Bitcoin Finds Support at $7,000, But How Long Will It Last?

At the time of writing, Bitcoin is trading down marginally at its current price of $7,200, which marks a slight drop from its daily highs of $7,400 that were set overnight.

It is important to note that the $7,400 appears to be a level of resistance for the cryptocurrency, as it has been rejected at this price level on multiple occasions over the past several days. It does have support at $7,000, however, which may signal that it is currently caught within a tight trading range.

In the near-term, it is probable that Bitcoin will find some support in the upper-$6,000 region should bears prevail over bulls, but it remains unclear as to whether or not there is enough support in this region to support the crypto’s near-term price action.

One factor that could help bolster BTC’s price action in the coming hours is the fact that its relative strength index is currently showing significantly oversold conditions, which typically signals that an asset is primed for a relief rally.

Bloomberg spoke about this in a recent article, saying:

“Bitcoin is vastly oversold, according to its 14-day relative strength index, which sits at 25. Assets are seen as being oversold once they hit 30 or lower.”

Any relief rally seen in the short-term may prove to be fleeting though, as analysts are noting that the cryptocurrency is showing signs of having fundamental weakness as it fails to garner any significant buying pressure.

Jeff Dorman, the chief investment officer at Arca, mused about this while speaking to Bloomberg, explaining that the lack of buying pressure signals that the markets are fundamentally weak.

“The market is clearly in contraction, with no new money coming in to soak up the supply… The market has been remarkably weak,” he bearishly noted.

Analysts will be closely watching to see how Bitcoin reacts to its near-term support and resistance levels, as this will provide significant insight into where it trends in the coming weeks and months.

Tags: bitcoinBTccrypto
Cole Petersen

Cole Petersen

Cole is a freelance writer based in southern California, where he’s an undergraduate at the University of California, Irvine. He focuses primarily on covering cryptocurrency and blockchain-related news. He owns a small amount of various major cryptocurrencies.

Top Stories

XRP News

“Long XRP, Make Bitcoin”: Analyst Who Believes Price Near Bullish Break

December 3, 2019
1.4k
NEWS

60% of Ethereum Nodes Not Ready for Istanbul Blockchain Upgrade

December 4, 2019
1k
Bitcoin News

Analyst: Now May Be One of the Top 3 Greatest Bitcoin Buying Opportunities

December 5, 2019
983
Load More

News Tip?

tip (at) ethereumworldnews.com
EWN LIGHT

Ethereum World News, a U.S.- and U.K.-centric organization founded in 2017, is a media outlet predicated on providing pertinent, up-to-date, and impactful news stories in the Bitcoin, cryptocurrency, and blockchain industry.


Copyright © ethereumworldnews.com

No Result
View All Result
  • Ethereum
  • Bitcoin
  • Latest
  • Prices
    • Ethereum Price
    • Bitcoin Price
    • XRP Price
    • Chainlink Price
  • About Us
    • Contact Us
    • Advertise
    • Disclaimers
    • The EWN Team
    • Partners
    • Terms of services and Privacy policy

Disclaimer: This website and the information contained herein is not intended to be a source of advice or credit analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.