Bitcoin Made A Bearish Move, Entering A New Range
Cryptocurrencies turned pretty bullish in Q2 of this year, after the big decline last year. BITCOIN surged more than $10,000 higher, from around $3,000 to below $14,000 until the end of June. But, the climb ended up there and Bitcoin has retreated lower since then.
Since then, Bitcoin has traded in a range around the 100 SMA (red). But the 20 SMA (grey) started providing resistance when it caught up with the price, pushing the highs lower this month. Eventually, buyers gave up and Bitcoin made a bearish move on Wednesday, breaking below last month’s low.