RATE Group | Bitcoin Faces Drop to $7K as Bull Defense Crumbles
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Bitcoin Faces Drop to $7K as Bull Defense Crumbles

24 May Bitcoin Faces Drop to $7K as Bull Defense Crumbles

Posted at 09:46h in Bitcoin News by

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Bitcoin (BTC) is trading on the defensive today, having dropped 16 percent over the last three days.

As of writing, BTC is changing hands at $7,270 on Bitfinex, down 6.5 percent in the last 24 hours, and could extend the slide further to $7,000 in the next 24 hours.

The cryptocurrency closed (as per UTC) at $7,494 yesterday – its lowest daily close since April 12 – and looked oversold as per the relative strength index (RSI) in the hourly and 4-hour chart.

A resulting corrective rally ran info offers above $7,700 earlier today and prices fell to a 6-week low of $7,352 at 08:30 UTC. The failure on the part of the bulls to produce a notable corrective rally despite oversold conditions indicates that bearish sentiment is currently strong.

Hourly chart

The downside break of the bear flag, a bearish continuation pattern, indicates the minor corrective rally from the low of $7,402 has ended and BTC could drop to $7,000 (target as per the measured height method).

The 50-hour, 100-hour…

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