Bitcoin prices rallied on Wednesday to reach an intraday top at about $6,983 but the move did not improve its bearish outlook for the rest of the month.

The bitcoin-to-dollar daily chart saw the formation of two extremely bearish patterns: Death Cross and Double Top. The former appeared after bitcoin’s short-term moving average slipped below its long-term moving average. Meanwhile, the latter appeared as the price reached a peak two consecutive times with a moderate decline between them.

Rejection just below $7,000 and a failed breakout out on the hourly chart has weakened the immediate bullish case for bitcoin (BTC). A move below $6,250 would confirm a rising channel breakdown on the 4-hour chart and shift risk in favor of a drop to support near $5,700.

The U.S. fiscal stimulus does bode well for bitcoin in the long run, according to analysts. More immediately, the cryptocurrency remains at the mercy of sentiment in the traditional markets.

Bitcoin is struggling to maintain its recent upbeat mood on Wednesday despite the rapidly increasing scope of fiscal stimulus efforts in the US and across the globe.


FED’s money into Bitcoin?

Will the Fed’s Easy Money Flow to Bitcoin?
Founder of Uptrennd Jeff Kirdeikis does the math

The Syndicate with $BCH at 50% off Pay Launches Merchant Invoicing – Create invoices and your customer can pay in Crypto

Altcoin Buzz Starting an Interview Segment

#Bitcoin #Cryptocurrency #Blockchain #BTC #ETH #Enjin #Tomochain #Electroneum #Cardano
New Weekly CryptoTag #Giveaway
– Simply Subscribe to Altcoin Buzz and drop a comment on the Video
– Winners for this weekly giveaway will be announced on every Saturday
Altcoin Buzz Free Newsletter:
Sign up for and We Both Get $50 USD
Sign up for eToro
Visit our website:
Connect with us on Social Media:
NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.