- Bitcoin has undergone a strong rejection at $13,600 after an attempted breakout on Thursday afternoon.
- The coin currently trades for $13,200, more than $400 below the aforementioned highs.
- Analysts think that this failed breakout may be a precursor to more losses.
- One noted that Bitcoin will see “more of a pullback” in the near future.
- The chart shared with this statement depicts that key levels to watch will be a number of supports around $13,000, then more notable levels toward $12,500 and then $12,000.
Bitcoin Fails to Pass $13,600
For one, it is still settling in that PayPal, one of the world’s most important fintech companies, is working actively in crypto. The company now supports Bitcoin purchases and sales, along with digital asset payments to come.
“$BTC Looking like we might be getting a lower high here before more of a pullback. Have a few levels where I’ll be looking to buy the dip (on other coins as well). I’ll keep you guys posted!”
Bitcoin still seems to be somewhat affected by movements in the traditional market. However, the effect is starting to decrease as the leading cryptocurrency continues to have external and internal catalysts that drive it higher.
While all this price action is granular, analysts think that it may be a precursor to a further move lower.
The company is also believed to be looking to acquire crypto companies to further its entry into the space.
The chart depicts that should Bitcoin slide lower, key levels to watch will be a number of supports around ,000, then more notable levels toward ,500 and then ,000. ,000 is where the weekly support-resistance flip is, making it an important level to watch:
Bitcoin has undergone a strong rejection at ,600 after an attempted breakout on Thursday afternoon. The cryptocurrency has since returned to ,200 as of this article’s writing, basically reversing the attempted breakout.
The PayPal Effect
A crypto-asset analyst shared the chart seen below on October 29th. It shows that Bitcoin failed to cleanly make a move above the ,600 region during this thrust higher. This failure suggests the cryptocurrency could see “more of a pullback” in the near future.
Underscoring Bitcoin’s price action in the longer run, though, are fundamental trends set to take prices higher.
Chart of BTC’s price action over the past two weeks with an analysis by crypto trader Trader Koz (@traderkoz on Twitter).
Source: BTCUSD from TradingView.com
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Just Rejected ,600, and That Could Trigger a Move Under k
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