This time last week, Bitcoin looked like it might be on the verge of mustering a key short-term bullish breakout. The world’s largest cryptocurrency by market capitalization had formed a bullish short-term ascending triangle pattern and looked like it was about to break above the key $25,200-400 area, opening the door for a quick run higher toward the next major area of resistance around $28,000.
As things happened, a combination of macro headwinds (a month of strong US data and hawkish Fed speak that pushed US yields and the dollar higher and US stocks lower) and US regulatory concerns amid a widening crypto crackdown kept the bulls at bay. Bitcoin ended up falling about 3.0% last week and is already another just over 1.5% lower this week.
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