The Kryptoin NAV rebounded by 11.52% to $28.46 overnight as Bitcoin and the market tries to turn the tide of negative sentiment. Bitcoin bounced by 10% to $4202.35 and fueled the Cryptocurrency Market Cap’s move upward by 11.4% to $136.41B.
Back Over $4K: Bitcoin’s Price Bounce is Gathering Pace
While the bitcoin (BTC) market is still predominantly bearish, seller exhaustion near $3,500 may be paving the way to stronger corrective bounce.
The largest cryptocurrency by market capitalization printed a 14-month low of $3,474 on Monday, having revived the long-term bear market with a convincing move below the crucial 21-month exponential moving average (EMA) support on Nov. 14.
Therefore, the path of least resistance is to the downside. A possible coming drop to the psychological support of $3,000, however, may happen after a notable bounce. This is because BTC has picked up a strong bid today, validating the bearish exhaustion signaled by a repeated defense of $3,500 in the last three days.
At press time, the cryptocurrency is changing hands at $4,010 on Bitstamp, representing 8 percent gains on a 24-hour basis.
Today’s positive price action also indicates the cryptocurrency is finally paying heed to oversold conditions reported by the 14-day relative strength index (RSI) since Nov. 15.
Godbole, O. (2018). Back Over $4K: Bitcoin’s Price Bounce is Gathering Pace — CoinDesk. [online] CoinDesk. [Accessed 28 Nov. 2018].
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