Bitcoin's price range continues to narrow with each passing day, but a big move on either side could happen soon, the technical charts suggest.
Having witnessed a bull reversal on Wednesday, prices on CoinDesk's bitcoin price index (BPI) rose to $11,711 at 03:59 yesterday. It appeared as though bitcoin (BTC) would break above $12,000 and confirm completion of the bottoming process.
However, prices fell back to $10,889 at 17:59 UTC. Bitcoin bulls made another attempt to regain lost glory, but faced rejection at $11,608 in Asian hours today.
The failure to capitalize on Wednesday's bull reversal has yielded a drop to a three-day low of $10,321 today. As of writing, BTC is changing hands at around $10,600. The cryptocurrency has depreciated by 4.11 percent in the last 24 hours, says data source OnChainFX.
Further, the drop from the previous day's high of $11,711 to below $10,500 has neutralized the immediate outlook. A break either up or down would likely set the tone for the next major move.
https://www.coindesk.com/bitcoin-price-seeks-direction-as-trading-range-narrows/
what is going on dont know.
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