Published on November 14th, 2017 | by bitcoin0
Basement in Place? Bitcoin’s Price Needs to centralize
As of writing, the world’s largest cryptocurrency by market capitalization is changing hands for $6,495, as per the CoinDesk Bitcoin Price Index.
According to CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has dropped by 1.74 percent in the last 24 hours.
Still, the small decrease hides the fact that BTC retraced more than 50 percent of its recent sell-off yesterday.
In the time since, the downside has been capped around $6,400, while a ceiling has formed around $6,800.
Further, the price action analysis indicates the bears need to push bitcoin below the 5-day moving average by today’s close to avoid losing control.