Bitcoin prices rallied on Wednesday to reach an intraday top at about $6,983 but the move did not improve its bearish outlook for the rest of the month.

The bitcoin-to-dollar daily chart saw the formation of two extremely bearish patterns: Death Cross and Double Top. The former appeared after bitcoin’s short-term moving average slipped below its long-term moving average. Meanwhile, the latter appeared as the price reached a peak two consecutive times with a moderate decline between them.

Rejection just below $7,000 and a failed breakout out on the hourly chart has weakened the immediate bullish case for bitcoin (BTC). A move below $6,250 would confirm a rising channel breakdown on the 4-hour chart and shift risk in favor of a drop to support near $5,700.

The U.S. fiscal stimulus does bode well for bitcoin in the long run, according to analysts. More immediately, the cryptocurrency remains at the mercy of sentiment in the traditional markets.

Bitcoin is struggling to maintain its recent upbeat mood on Wednesday despite the rapidly increasing scope of fiscal stimulus efforts in the US and across the globe.

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38 replies
  1. Geet Arora
    Geet Arora says:

    if us prints money then applauses, if other countries print then activity becomes terrorism, us always play tricky roles but not anymore coz death is coming in its worst forms, lets see how they can trick death lmao

  2. Jeremy Dugan
    Jeremy Dugan says:

    I truly believe in this day and age that the US was built on credit! just ask the credit card companys. I have 3 months worth of expense's. in a savings account for emergencies. I know so many people that live paycheck to paycheck. also live above there means. and they say we can afford it we will put it on credit. I myself am buying into bitcoin. I believe in long term. and I believe its the best time to get into it.

  3. J B
    J B says:

    America is FRUCKED
    Because its government & leaders are more concerned with saving the stockmarket than they are with saving majority of jobs, with healthcare coming way down the list.

  4. J B
    J B says:

    6 Trillion dollars, of which 80% will end up going to corporations and the mega-rich to prop up their wealth and by back stocks. … While the majority people will either get very sick, or die, and loss their jobs.
    … …

  5. Sunsettvu
    Sunsettvu says:

    Can’t wait till I get my check. The asset I have on my radar is toilet paper…it’s scarce, it must have value because stores are sold out, and in this new shi**y economy it will definitely have a use case!

  6. dolo gore
    dolo gore says:

    Pretty transparent, they are busting the dollar in the hope to bring all fiat down and now have the perfect excuse but they have to crash the whole system not just the dollar, I do not think they will pull it off, The BRICs may decouple but BTC will be a winner


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