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F&T: Bitcoin gets rejected for the second time

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After falling below $67,000 last week, Bitcoin (BTCUSD) recovered much of the losses over the weekend and yesterday. Nevertheless, the rally stopped at the descending channel’s upper bound, and Bitcoin retreated lower. Currently, it trades near the $68,000 mark, and the short-term bullish trend is losing momentum. Accordingly, our focus remains on the resistance at $70,000 and support at $66,343. 

 

The daily chart of Bitcoin (BTCUSD) above shows the descending channel. Two yellow arrows indicate rejections at its upper bound, which are slightly bearish. 

 

The 4-hour Bitcoin (BTCUSD) chart above shows the ascending channel within the bigger descending channel, which can be used to observe the trend of a lesser degree; a price breakdown at its lower bound would bolster a bearish case. 

 

Technical conditions

Daily time frame = Slightly bullish (turning neutral)

Weekly time frame = Bullish (losing momentum)

Monthly time frame = Bullish

 

Bitcoin addresses

The number of Bitcoin addresses with balances exceeding 1,000 BTC has not changed dramatically since our previous update. In fact, the figure is near a 3-month high, suggesting big speculators are not liquidating their positions despite steep price tags. Similarly, there was no significant change in the number of addresses with balances exceeding 100 BTC.

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