Bitcoin's failed breakout above $83,000 signals potential bear market as stocks hit new highs
By
Oliver Knight, Saksham Diwan
3d ago· 3 min readenNews
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Summary
Bitcoin price remains nearly flat after dropping to its lowest level since early April, extending a three-week decline following a failed attempt to break above $83,000. The rejection may have created a series of lower highs dating back to October, a key bear market signal. Ether also fell to $1,965 before recovering above $2,000. Meanwhile, U.S. stocks (S&P 500 and Nasdaq futures) are approaching all-time highs, showing a divergence between crypto and traditional markets.
Key quotes
· 3 pulledThere is now a chance that the rejection will have contributed to a series of lower highs dating back to October — a key characteristic of a bear market.
Bitcoin added as much as 0.4% since midnight UTC on Friday and was recently just 0.07% higher after slumping to its lowest level since early April the day before.
Ether (ETH) tracked bitcoin. It fell to $1,965 on Thursday before staging a recovery back above $2,000.
Bitcoin's failed breakout above $83,000 is looking increasingly like a bear market signal, even as S&P 500 and Nasdaq futures notch gains and approach all-time highs.
