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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