Bitcoin is Back Over $10K, But Rally Looks Weak

Source : Bitcoin is Back Over K, But Rally Looks Weak
Bitcoin is witnessing a minor corrective rally today, but the bulls may have a tough time regaining control, the technical charts suggest. CoinDesk’s Bitcoin Price Index (BPI) fell to $9,592.96 at 01:59 UTC – the lowest level for one week. As of writing, the BPI is seen a little higher at $10,090. It is worth noting that the global average price calculated by CoinMarketCap is holding around $200 higher, largely due to the “Kimchi premium” – that is, BTC is changing hands above $11,000 on Korean exchanges Upbit, Bithumb, and Coinone. Meanwhile, across western exchanges, the world’s largest cryptocurrency by market capitalization is trading closer to $10,000. The cryptocurrency has depreciated by 1,86 percent in the last 24 hours, CoinMarketCap indicates. So, it appears a relief rally has gathered pace, a move indicated by the bullish relative strength index (RSI) divergence seen on the chart (prices as per Coinbase) below. 1-hour chart BTC is stuck inside a falling channel, creating lower lows and lower highs. However, the RSI continues to diverge in favor of the bulls, so the corrective rally could be extended further towards $10,250 (falling channel resistance). However, only a daily close (as per UTC) above $11,228 (38.2 percent […]
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