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Nov 5, 2019

Bitcoin enters selling trend as US$10,000 level serves as barrier

Brett Girard discusses Bitcoin

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Following October’s rally, a technical indicator is showing that Bitcoin is entering overbought levels.

The cryptocurrency’s Global Strength Indicator, a measure of upward and downward movements of successive closing prices, is nearing the 70 level, meaning its price is likely to soon decline after becoming overheated.

The price movements resemble when the digital currency traded around US$12,000 in August, but failed to break through the resistance and then suffered a drop, losing about US$2,000 a coin over the following two weeks.

Bitcoin faces solid resistance at the US$10,000 level, with investors having difficulty valuing it given continuous debate on whether or not it’s an asset or a currency. For many investors, Bitcoin will need to break that barrier for confirmation that meaningful gains could continue.

The digital currency rallied last week after China’s government backed its underlying blockchain technology. China’s President Xi Jinping also said Beijing will increase investment to “keep our country at the very forefront” of blockchain technology in the search for industrial advantages.

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