Bitcoin's 60% rally from July lows may be running out of steam

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.

Two charts help sum up the current situation for Bitcoin.

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