Bitcoin’s 60 percent rise from July lows may be running out of steam

Bitcoin’s burst above the $50,000 level (about Rs. 37.1 lakhs) did not last long and chart patterns signal that its rally since July is at risk of weakening.

The largest cryptocurrency fell 4.4 percent on Thursday to $46,588 (about Rs. 34.6 lakhs), with other tokens including Ether retreating along with the Bloomberg Galaxy Crypto Index. The drop reduced Bitcoin’s rise from its July low to about 60 percent. The price of ether in India was at Rs. 2.43 lakhs and the price of Bitcoin in India was Rs. 36.86 lakhs from 5pm IST on August 26th.

John Bollinger, inventor of Bollinger bands, in a tweet suggested taking some profits or hedging. Katie Stockton of Fairlead Strategies cited DeMark’s market-timing indicators as signaling about two weeks of “sides down” prices.

The so-called point-and-figure analysis – which highlights the direction of prices without a time dimension – indicates that Bitcoin faces the challenge of climbing levels around $50,940 (about Rs. 37.7 lakhs) at close. A failure to violate the 45 degree trendline of the dots and figures chart may strengthen the downside scenario.

© 2021 Bloomberg LP

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Cryptocurrency prices on Indian exchanges

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