With bitcoin’s wild price swings subsiding over the past week, investors are now looking ahead to its next potential breakout. Bitcoin’s price has stabilized above its support level of the initial gap created on May 10, potentially marking a bottom for the largest cryptocurrency around $6,500. However, the coin continues to move in the bearish pattern it formed in late June when it reached this year’s high of $13,851. Bitcoin would need to break out of this downtrend in order to regain positive momentum. “Breaching resistance should be a matter of time,” Mike McGlone, an analyst with Bloomberg Intelligence, wrote in a note this month. Increasing adoption and its limited supply could push its price higher in 2020 and over the next decade, he said. “The maturation process should continue, notably as volatility declines.” Cryptocurrencies have had a volatile year, with prices swinging wildly over news that Facebook is working on its own stablecoin. Officials from the Department of the Treasury to the Federal Reserve have spoken out against the project and digital assets in general as news of widespread fraud and hacks continues to plague the market. But many analysts see potential in cryptocurrencies to change the digital finance… Read full this story
- Bitcoin Is Crashing, What's Wrong With The Cryptocurrency Market?
- As bitcoin plunges, the feds are looking into whether its rise was artificial
- Bitcoin’s big bounceback – can it continue?
- European State of the Climate 2018: a year of various and persistent extremes
- We talked to Nobel Prize-winning economist Paul Krugman about tax reform, Trump, and bitcoin
- How The Technology Behind Bitcoin Is Going To Change The Lives Of The Bottom Billion
- PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was
- Bitcoin A “Failed” Experiment, Says Departing Developer
- How much lower can bitcoin and the crypto sector fall?
- 'Mounting downward pressure': Chinese companies are doing it tough as new orders dry up
Bitcoin in wait-and-see mode as downward trend persists have 309 words, post on www.sfchronicle.com at December 9, 2019. This is cached page on Movie Breaking News. If you want remove this page, please contact us.