Bitcoin Price Technical Analysis

Bitcoin price has exhibited strong bearish momentum but is in the middle of a retracement from its sharp downside move.

Bitcoin Price Highlights

• Bitcoin price made a strong bounce after its sharp drop, reflecting a correction for sellers.
• The recent hack on a bitcoin exchange in Hong Kong has put downside pressure on prices.

Stochastic is heading north so bitcoin price could follow suit. In that case, price could keep pulling up higher possibly around $640-660. If these areas hold as a ceiling, bitcoin price could resume its drop to the spike down at $480 or much lower.