Bitcoin price tumbles 6% after 10 days of gains…now what?

The Bitcoin (CRYPTO BTC) The price has fallen 6% in the last 24 hours and is currently trading at US$39.743 (AU$54.442).

Bitcoin’s longest winning streak since 2013 is over, which was ended by the retreating price.

The world’s largest crypto market cap traded at a record high of US$42563. Its failure to trade above US$42,000 could mean it will continue to struggle to move higher.

What’s next for Bitcoin prices?

Forecasting cryptocurrency price movements is not an exact science. To put it mildly.

Technical analysis, however, can provide valuable insights into how prices have changed in the past and how they might change in the future.

CoinDesk analysts believe that Bitcoin will face stiff resistance in the low US$40,000 area until it moves decisively and holds higher.

According to digital-asset firm Eqonex, ‘ BTC is potentially rangebound until it breaks and closes above $42,000. Trendline support has increased to $38,200 with $36,500 being the next support.

Jonathan Cheeseman, head of sales at crypto derivatives trading exchange FTX, seems to agree with the importance of the US$42,000 price goal.

Cheesman addressed the ongoing rise on Saturday and wrote (quoted in Bloomberg): “A run like that certainly suggests some flow backing.” Of course, it now needs to stabilize here – and above the high from May 20 would be further confirmation.’

Bitcoin traded above $42,500 on May 20, 2018.

How can I get above US$64829 back?

Bitcoin reached an all-time high of US$64829. The price is still down 39% despite the 10 day-long rally that just ended.

What will it take for the token to be reintroduced into record territory?

Pankaj Balani CEO of the crypto derivatives exchange Delta Exchange says it comes down to higher prices resulting in higher prices. Balani wrote:

It’s not surprising that Bitcoin will expand its $30,000-$42,000 trading range and try $45,000. Bitcoin will need to break above $50,000, however. Only a decisive break above $50,000 will attract new flows and signal a shift in the market’s direction.

The price is currently moving in the opposite direction. It remains to be seen if and when the break above US$50,000 will occur.

Do you want to invest $1,000 in Bitcoin now?

This is what you need to know before you start thinking about Bitcoin.

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