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.


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