HelenRush

Bitcoin: $6,000 back in the game?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD             extends its bearish momentum, setting fresh downside targets following a break below the key $8,000 threshold, to a five-week low of $7,603. By mid-day, the pair has trimmed intraday losses and is attempting to regain the psychological level, trading around $8,150.
After the initial attempts to shrug off Google’s decision to ban online ads promoting cryptocurrencies, ICO             and related products from June, bitcoin             attracted a bearish wave and as a result intensified its bearish correction that started earlier this month. In other words, the step from the tech giant, which is similar to Facebook’s ban in January, served as an additional catalyst and a new selling opportunity, while bitcoin             and its peers had already been in a corrective mode by the time Google’s decision was announced.
As the dust has mostly settled, the digital currency could show a recovery in the short term as the asset looks more attractive for bulls at current levels. However, the broader picture shows the price may yet dive to lows around the $6,000 mark, should “Google-style” news emerge. A daily close above the $8,000 level will signal a better short-term technical picture, while a sustained break below could bring more bears to the market.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out