Bitcoin has witnessed decent two-way business in the last 24 hours.
A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning.
At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index.
As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16.
The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.
4-hour chart
(https://media.coindesk.com/uploads/2017/11/4-hour.png)
The chart above shows:
1. Failed breakdown: BTC witnessed a solid rebound from the upward sloping 50-MA and is back in the rising channel.
2. The relative strength index (RSI) holds above 50.00 (bullish territory).
1-hour chart
(https://media.coindesk.com/uploads/2017/11/1-hour.png)
...The descending trend line seen on the chart above has been breached as well, suggesting there is scope for a rally.
https://www.coindesk.com/holding-strong-failed-breakdown-a-boon-for-the-bitcoin-bulls/