Over the weekend, the upside impetus proved too timid to open the way for further gains, which triggered profit taking, fueled also by dollar strength as trade-war worries have partially eased recently. The additional downside pressure on BTCUSD came from Alibaba’s chairman Jack Ma who advised against investing in bitcoin and called it a bubble, though mentioned that his company is betting on blockchain.
It’ till too early to call a bottom as concerns over tighter regulation in Japan still persist and a number of influential skeptics remains high. The technical picture points to downside risks as well. Should the digital currency derail the $6,000 critical support in the foreseeable future, the price will get down to this year lows at $5,760 and could even challenge this area if the sentiment in the industry doesn't improve in the short term.