Yesterday was the first decent day for Bitcoin in the past two weeks. Bitcoin has suffered a steep drop of nearly 30% from $8500 to almost $6100. After meeting some support near the $6100 mark, Bitcoin bounced yesterday to almost $6600. However, we are back in the red today as bulls and bears take positions for the next move. With today’s drop being on low volume, and stopping as it approached $6300, it is possible we have priced in a bottom for Bitcoin. Many analysts still believe we are set to return to sub-$6k levels but for the moment, the signals are pointing towards bullish movements. If the price can rise towards the $6750 to $6850 level, significant resistance is to be expected.

Bitcoin Daily Chart

The hourly provides a closer look at the price swings which have been occurring in Bitcoins price today. The drop in price slowed down as it approached $6300 but we have seen a significant bounce over the last hour and we are back trading near $6500. The MACD is approaching a centreline crossover to the upside on the hourly, a typical bullish signal.

Bitcoin Hourly Chart

Key Takeaways:

  • After two week bloodbath, yesterday’s price rise was welcome in bitcoin
  • Price swings have been occurring today but the drop in price stopped as it approached $6300 and the most recent hourly candle is showing a significant rise.
  • MACD is approaching a centreline crossover to the upside on the hourly, a bullish signal.
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