Bitcoin Drops 2%, Still in Range-bound Territory


Bitcoin fell by over 2 percent since our last update, from $327 to $318 dollars per coin. Meanwhile little brother Litecoin is down by 4 cents or just over 1% in percentage terms.

Bitcoin Now 12 Days in Range

Bitcoin fell by $9 dollars since last Tuesday, or about 2.5 percent. The fledgling cryptocurrency has been range-bound for twelve full days now. One coin is selling for $318.13 dollars at the moment. On the chart below we can see that we’re still in that range roughly between $300 and $340 dollars per coin.


But it hasn’t been a particularly calm week. On Thursday Reuters came out with a report that EU ministers are thinking about clamping down on bitcoin and other anonymous forms of payment. Initially prices fell to a low of $309 flat, but after the Friday meeting came and went with no decision, bitcoin rallied back up to $320 dollars.

We’re not out of the woods yet. Increased regulation from the EU is still a possibility. It’s not clear if the ministers instructed the EU commission to draft new rules on the matter.

The price action is undecided. Support can be found near $309 dollars, this is a double bottom formation that formed last week. It can clearly be seen on the 4 hour chart above, the two lows happened on November 16th at $310 and November 20th at $309 dollars. But because this is a short lasting pattern, it may not be strong support. It’s followed by another weaker level at the round $300 figure. The number ”to beat” is $290 dollars per coin. A decisive breakdown below here would start a new BTC downtrend.

On the upside, a break above the high of the range at $340-$350 dollars may have some follow-through. But to restart the rally the bulls will need to push bitcoin above $403 dollars per coin.

Litecoin Down by 1 Percent

It has been an uneventful week for Litecoin. Prices are currently down by 4 cents or just under 1.3 percent. On the 4 Hour chart below we can see that LTC/USD is still trading around $3.12 dollars per coin. The low of the range is currently at $2.88 while the high is at $3.26 dollars.


A decisive break below the $2.88 low would start a new downtrend. Notable support levels below here include $2.70 and $2.50 dollars per coin, followed by the January swing high at $2.40 dollars. Lower still, the area near the $2 round figure will be very important support. On the upside, it would take a move above $4.31 dollars to restart the LTC uptrend.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Price Losing Correlation with Stock Market Kiyosaki Predicts: Bitcoin at $350k in August 2024. Realistic? The Price of Ethereum Rises Ahead of SEC Decision Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022

Latest articles


Nasdaq 100 Index Reaches 20,000 Points for the First Time

On 30 May, we noted some uncertainty in the price behaviour of the Nasdaq 100 (US Tech 100 mini on FXOpen) near the resistance level of 18,840, as shown by arrow #1.

Following this, the price declined and tested

Forex Analysis

European Currencies Adjust to Support Levels: Is Growth Possible?

A week rich in macroeconomic data contributed to the decline of the euro, yen, and pound. Notably, the following events were significant:

  • Inflation falling for the second consecutive month (0.2% against the expected 0.3%);
  • The publication of the

Adobe's Stock Surges Approximately 15% After Report Publication

On June 5th in the article "Is ADBE Stock Undervalued?", we highlighted several bullish signs, suggesting that the report published on June 13th could be a driver for a resumption of the uptrend.

Adobe's report released on June 13th proved

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.