Bitcoin Hits Resistance After Corona Induced Wild Price Swings

Home » Bitcoin Hits Resistance After Corona Induced Wild Price Swings

The recent surge in Bitcoin risks running out of steam after bouncing at levels watched by analysts who use price charts to predict future movements.

The world's largest cryptocurrency tested $ 9,500 for the third day in a row on Friday before falling back. Further gains may not be possible with the Relative Strength Index – which shows momentum by measuring the speed and change in price movements – standing at 72. Anything above 70 indicates that the coin is overbought, the chartist said.

The RSI was the last time this high, Bitcoin dropped from $ 10,500 to $ 3,900 between February and March because coronavirus weighed on most asset classes. Bitcoin rebounded 36% in April. Tokens dropped 1.6% to $ 8,688 at 12:38 a.m. in New York.

Investors have been hoping for another rise to anticipate what is called Bitcoin split in two months. Farewell, when coins issued as gifts to computers that support the Bitcoin network are reduced, they occur every four years, and the previous half coincides with demonstrations. However, many analysts say that half, as it is already known, has been appreciated.

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