Bitcoin’s Technical Challenges Pile Up After 63% Jump

(Bloomberg) -- Bitcoin’s rally of about 63% from a July trough now faces a rare confluence of technical obstacles. An April low of about $47,000 is now acting as something of a barrier, as is a Fibonacci and Ichimoku cluster between $47,000 and $48,000, while the 61.8% Fibonacci retracement of the April to June downtrend -- at $51,000 -- could be an obstacle too. Edward Moya, senior market analyst for North America at Oanda Corp., expects Bitcoin to consolidate between $45,000 and $48,000.

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