Bitcoin Faces Potential Corrective Phase as Rally Loses Steam
Dow Jones
Sep 22
1108 GMT - Bitcoin is at risk of a downward correction in the near term as the cryptocurrency's recent rally pauses, ING analyst Roelof-Jan van den Akker says in a note. Bitcoin is last down 1.2% at $85,901 after reaching $87,315 Monday, its highest level since late January, according to LSEG. While bitcoin has risen above the $82,805 resistance level this week, daily momentum indicators have failed to register new highs, he says. A weekly close below $82,805 would increase the risk that a short-term peak is forming and raise the likelihood of a downward corrective phase in the weeks ahead, he says.
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