RATE Group | Bitcoin Bulls Eye $6,400 Defense After Four-Month Low
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Bitcoin Bulls Eye $6,400 Defense After Four-Month Low

13 Jun Bitcoin Bulls Eye $6,400 Defense After Four-Month Low

Posted at 10:48h in Bitcoin News by

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Bitcoin is still looking south, having hit four-month lows today, but the bearish momentum may wane due to short-term oversold conditions, the technical charts indicate.

More bears joined the party in the U.S. session Tuesday after the cryptocurrency failed to cross twin resistance at $6,859 (50-hour moving average (MA) and 23.6 percent Fibonacci retracement).

As a result, the price fell to $6,370 on Bitfinex today, the lowest level since Feb. 6. At press time, bitcoin was slightly higher at $6,453.

The drop to the four-month low has bolstered the already bearish technical setup and raised the odds of a sell-off to $6,000 (February low).

However, the bears may take a breather over the next day or two, as the relative strength index (RSI) is hovering at the key bullish reversal zone, and bitcoin could hold around support at $6,400 or possibly see a minor corrective rally.

Daily chart

Currently, the RSI is holding below 30.00. Historical data shows BTC stages a

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