# Bitcoin price: Cryptocurrency's 60% rally out of steam? | Tech News (HT Tech) > Bitcoin price: Crypto burst above the $50,000 level didn’t last long, and its rally is at risk of fading. # Bitcoin price: Cryptocurrency's 60% rally out of steam? ## Bitcoin price: Crypto burst above the $50,000 level didn’t last long, and its rally is at risk of fading. Aug 21 2022, 19:45 IST ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png) ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png) ![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png) ![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png) ![A so-called point and figure analysis – which spotlights the direction of prices without a time dimension – signals Bitcoin faces a challenge to scale levels around $50,940 on a closing basis.](https://images.hindustantimes.com/tech/img/2021/08/26/1600x900/2020-06-11T221626Z_77159927_RC2A7H9YRPMD_RTRMADP_3_CRYPTO-CURRENCIES-QUADRIGA_1592052115890_1629969421218.JPG) A so-called point and figure analysis – which spotlights the direction of prices without a time dimension – signals Bitcoin faces a challenge to scale levels around $50,940 on a closing basis. (REUTERS) ![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png) ### By BLOOMBERG Bitcoin’s burst above the $50,000 level didn’t last long and chart patterns signal its rally since July is at risk of fading. The largest cryptocurrency fell as much as 4.4% Thursday to $46,588, with other tokens including Ether retreating along with the Bloomberg Galaxy Crypto Index. The drop pared Bitcoin’s rally since a July low to some 60%. John Bollinger, inventor of Bollinger bands, in a tweet suggested taking some profits or hedging. Katie Stockton at Fairlead Strategies cited DeMark market-timing indicators as flagging about two weeks of “sideways-to-lower” prices. Also read click here. Also read: Looking for a smartphone? Check Mobile Finder here. Shrinking Bandwidth Narrowing Bollinger bands indicate the Bitcoin rally is flagging and that the virtual currency faces a zone of resistance from $50,000 to $51,000. A key threshold to watch is the middle line of the Bollinger study at about $46,700. Point and Figure A so-called point and figure analysis – which spotlights the direction of prices without a time dimension – signals Bitcoin faces a challenge to scale levels around $50,940 on a closing basis. A failure to breach the 45-degree trend-line of the point and figure chart could strengthen the bearish case. Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. 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