“Bullish” Bitcoin Escapes Another Breakdown Assault
Bitcoin overnight on Friday as investors/speculators digested the prospects of central banks’ easing measures.
The benchmark cryptocurrency established a session high of $10,309.84 on San Francisco-based Coinbase exchange. The move upside brought its gains up by as much as $723.98, or 7.55 percent, as measured from yesterday’s session low of $9,585.86. Elsewhere in the cryptocurrency market, altcoins tailed bitcoin gains, with Ethereum surging the maximum by 4.55 percent against the US dollar. Other gainers included XRP, Bitcoin Cash, Litecoin, and Binance.
The latest rebound – technically – put bitcoin back on track to test the upper trendline of its symmetrical triangle range, as shown in the chart above. It is the sixth time the cryptocurrency rebounded from the lower trendline, confirming that traders are unwilling to extend their short positions anywhere below the said level. The lower volatility noted across this week also showed that traders are in a wait-and-watch approach as global market sentiments hint an absolute path.