Cryptocurrencies
Bitcoin Hits Technical Hurdle After Failing to Breach $16,000
- Chart patterns suggest Bitcoin has overextended recent gains
- Advocates target $20,000 as next level for cryptocurrency
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Bitcoin is being left behind in the risk-on rally sweeping through global markets in the wake of news that a large-scale coronavirus vaccine study delivered the most promising results yet.
That’s helped to push the largest cryptocurrency below the upper limit of its so-called Trading Envelope, a move that technical analysts say normally suggests a reversion to its mean may be in play. The measure tends to smooth moving averages to map out higher and lower limits.