RATE Group | Bitcoin Risks Breakdown to $6.5k as Selling Continues Near Long-term Support
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Bitcoin Risks Breakdown to $6.5k as Selling Continues Near Long-term Support

11 Mar Bitcoin Risks Breakdown to $6.5k as Selling Continues Near Long-term Support

Posted at 14:19h in Bitcoin News by

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Highlights:

  • Booming global panic could prompt Bitcoin traders to break long-term support trendline.
  • A key technical indicator is confirming a breakdown towards $6,500, bitcoin’s reliable price floor during the 2018 crash and also the 2019’s bottom.

Bitcoin is risking declines to as low as $6,500 as panicked sellers threaten to break a long-term support area.

The benchmark cryptocurrency plunged 0.62 percent on Wednesday, suggesting that its downside momentum is likely to extend further. The bearish sentiment followed a frantic week that saw bitcoin tanking from $9,214 to as low as $7,630. It attempted a shy rebound on Tuesday but failed to transform the move into an actual recovery.

bitcoin, cryptocurrency, crypto

Bitcoin plunges all across the crypto spot exchanges | Source: TradingView.com

Fundamentals before Technicals

Experts gave plenty of reasons to justify the bitcoin’s $2,000-plunge: all from whale manipulation to PlusToken scammers selling their steal. But the most-discussed among them was Coronavirus….

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