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Breaking: Bitcoin Plunges to $6,600 as Week Closes Red


On Saturday, Bitcoin bulls were afforded a glimmer of hope as the cryptocurrency jumped 8% from the Friday low of $7,400. Though, this hasn’t lasted. As of the time of writing this article, BTC has just tapped $6,600 — the lowest the cryptocurrency has traded at since the middle of May earlier this year — and is trading down some 6.66% (yeah ominous, I know) in the past 24 hours.

Related Reading: Crypto Tidbits: Bitcoin Dives Under $8,000, Fidelity Bags Trust License, SEC Takes Second Look at ETF

Some say this corroborates the idea that the cryptocurrency heads lower in the coming hours. Trader Walter Wyckoff noted earlier Sunday that Bitcoin is likely to close the week under $7,500, the 100-week moving average. And it did.

This is important as the last time BTC closed under this support level, the cryptocurrency’s price fell by 35% in the three weeks that followed. If history repeats, Bitcoin could drop to the high-$4,000s or low-$5,000s and then bottom from there, then begin its next leg higher.

There’s also an analysis of Bitcoin’s one-day Relative Strength Index (RSI) from Byzantine General, which implies that the cryptocurrency will continue to bleed out towards the low-$6,000s and potentially high-$5,000s before relief is found at last.

Featured Image from Shutterstock

The post Breaking: Bitcoin Plunges to $6,600 as Week Closes Red appeared first on NewsBTC.

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Mein Name ist Paul Christoph Feichtinger, geboren am 15.5.1991 in Oberndorf bei Salzburg und mittlerweile stolzer Autor von 11 Büchern (7 in Deutsch und 4 in Englisch), 4 Apps (bald kommt Nummer 5) und dieser Webseite. Bei Paul Solutions bekommen alle Bücher und Apps ihre Form. Sieh dich ruhig ein bisschen auf meiner Webseite um, vielleicht gibt es auch für dich noch das ein oder andere zu entdecken. ;-)

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