BTC/USD

Bitcoin has once again broken above $70k before a sharp reversal. The question is whether it will result in a eye-watering bear market like it has in the past.

The USD pullback is going on two weeks, and DXY is testing support at the 200-day moving average. The Core PCE release on Thursday can be a significant push-point for major FX trends.

The U.S. Dollar set another fresh high yesterday, extending the bullish structure that’s priced in so far this year.

The pressure was building for Bitcoin to break above the technically-important $4200 level over the past several weeks and today it finally gave way.

“I think it’s essential to remember that just about everything is cyclical. There’s little I’m certain of, but these things are true: Cycles always prevail eventually. Nothing goes in one direction forever. Trees don’t grow to the sky. Few things go to zero. And there’s little that’s as dangerous for investor health as insistence on extrapolating today’s events into the future.” - Howard Marks, billionaire investor

It’s been less than nine months since traders flipped their calendars to 2018, but cryptoasset bulls have aged years (if not decades!) since the holiday season’s euphoria.

Bitcoin has risen further higher today, climbing for a time above $8350 – its best level since May 21.

It doesn’t feel like it but Bitcoin has risen nearly 30% from its lowest point in June.

The price of Bitcoin has fallen below $6500 to reach its lowest level since February 6. That was a day when it found significant support from around the $6000 mark which led to an eventual recovery to almost $12000 later on in the month. But it doesn’t feel like such a sudden rally will be on the cards again this time.

All of sudden on Thursday at around 11:00 BST digital currencies came back to life after spending several days in tight consolidative ranges.

Over the past several weeks, prices have stabilised across the board as fears over the clampdown on crypto exchanges abated.

The crypto carnage that started at the end of last year may have ended at start of February. In recent weeks, prices have stabilised across the board as fears over the clampdown on crypto exchanges abated.

The cryptocurrency has managed to bounce back in the past few days after declining sharply.

Sentiment towards cryptocurrencies is turning sour with negative headlines pouring out from left, right and centre

On a day when markets continued to sell-off sharply, Tuesday’s slide in cryptocurrencies, most notably Bitcoin, was no exception.