FX.co ★ Bitcoin: new sell-off

Bitcoin is trading in the red at 19,939 at the time of writing. As you already know, the bias remains bearish despite temporary rebounds. The bounce-back could bring new short opportunities. BTC/USD retested the near-term resistance levels and now it seems poised to come back down.

BTC/USD dropped by 8.68% from yesterday's high of 21,708 to 19,823 today's low. In the last 24 hours, Bitcoin is down by 6.50% and by 6.56% in the last 7 days.

BTC/USD Rebounded Ended!

BTC/USD rebounded after reaching the 17,592 level. As you can see, the cryptocurrency reached the weekly pivot point of 21,663 and the 150% Fibonacci line which represented upside obstacles.

It has registered only false breakouts signaling exhausted buyers. Now, it's almost reached the 19,666 key level.

BTC/USD Outlook!

Staying below the 150% Fibonacci line and dropping below the 19,666 could signal more declines. Dropping and stabilizing below this key level could bring new short-term selling opportunities.

Only a new higher high, jumping and closing above the 21,708 could activate a larger growth.