Bitcoin has bounced from key price support, but the outlook remains bearish as long as prices hold below Thursday's high of $10,445.
Bitcoin is looking south, having retraced more than 50 percent of the $3,000 rally seen in the 10 days to Aug. 6.
Bitcoin now needs to break above $13,200 to revive the stalled bull market, a key monthly chart pattern suggests.
Bitcoin could drop below $11,000 in the next 24 hours, after sellers took victory in a four-day-long tug of war with the bulls.
Bitcoin is witnessing indecisive price action for the third day, with a break above Wednesday's high of $12,145 needed to revive the bullish outlook.
Bitcoin is outperforming gold amid heightened uncertainty in the markets, though both are no doubt reacting to geo-macro events.
Bitcoin appears to have ended its six-week-long correction on Wednesday, making way for a retest of key resistance at $13,200.
Bitcoin's price dropped from a daily high of $12,300 Tuesday, a price not seen since mid-July
Bitcoin's move above $12,000 is backed by an uptick in trading volumes and bullish readings on the daily chart.
Bitcoin has broken out of bearish mode with a near 10-percent surge this morning and looks to be decoupling from alternative cryptocurrencies.