Bitcoin Weekly Outlook: A Technical Damage Underway

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Bitcoin eased on Monday after posting an incredible weekend rally that took its prices to another lifetime high. The flagship cryptocurrency fell by up to 7.75 percent from its record peak of $49,700, underscoring repeated sell-off attempts as the price eyes a close above $50,000, a psychological upside target. Meanwhile, support near the $45,500-level kept bears from extending their downside bias, thus leaving Bitcoin in a short-term consolidation range. Bitcoin slips in the early weekly session on profit-taking sentiment. Source: BTCUSD on Nonetheless, the latest speculation came as many traditional strategists reiterated their warning of a brewing “bitcoin bubble.” The cryptocurrency’s meteoric rise in the past 10 months raised many eyebrows, with economist Nouriel Roubini and gold bull Peter Schiff warning about excessive speculation and price manipulation. Mark Haefele, the chief investment officer at UBS, also undermined Bitcoin’s parabolic moves by calling it a hype, noting that traders have…

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