Bitcoin did not break the $50k benchmark within weekend trading and is starting to flag signs of profit-taking in the short term.
The world’s leading cryptocurrency by market cap is down 0.31% over a 24-hour period and is presently changing hands for around $46,385 USD, CoinMarketCap data reveals.
Still, Bitcoin [BTC], is up 56% in year-to-date returns courtesy of a robust showing by bullish traders throughout the primary half of August that saw prices rise from $38k on 4th Aug. to around $48,190 USD earlier on Saturday.
“The price has rebounded strongly now, but this upward move is showing some signs of short-term fatigue,” outlined Simon Peters, analyst at trading platform eToro. “We could see a little retracement right down to lower prices before the prevailing trend reasserts itself.”
Low levels of daily trading volume persist as bitcoin struggles to edge higher while short positions are building, consistent with Datamish data, pointing toward a return to lower supports near $44k.
“Even though the trend has flipped bullish, a pullback is to be expected prior continuation,” revealed Marcus Sotiriou, sales trader at United Kingdom based digital asset brokerage GlobalBlock. “This is because there has been declining volume with a rise in price, as well as a bearish divergence within the RSI indicator on the daily time-frame.”