The market is overwhelmed with the industry security issues again, after the recent hack on a small South Korean cryptocurrency exchange. This has fuelled the recent decline in the BTCUSD pair and also added to skepticism in the market. Against this backdrop, BTCUSD’s potential is rather limited at the moment, and the downside risks still persist.
From the technical point of view, the coin needs to stage a corrective rebound above the $7,000 level in order to avoid further losses in the short term. Otherwise, the digital currency could drop to fresh two-month lows below $6,600 and deepen its . In the medium term, the coin’s upside target still comes at $7,800.