RATE Group | Bitcoin slumps 5% to lowest level since February
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Bitcoin slumps 5% to lowest level since February

13 Jun Bitcoin slumps 5% to lowest level since February

Posted at 17:57h in Bitcoin News by

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This break below $6,450 confirms bitcoin’s downtrend, according to one Fundstrat analyst.

“The declines over the past few days has done significant technical damage to most crypto currency charts,” Robert Sluymer, managing director and technical analyst at Fundstrat Global Advisors said in a note to clients Wednesday. “Breaking below the April lows confirms a longer-term downtrend for BTC by establishing the first lower since the uptrend began in 2015.”

The next support level is near $5,500, Sluymer said. If the current correction, which he said is a “big IF,” matched the 2014 bear market, bitcoin could see an additional 50 percent drop to the next support level of $3,200.

Despite precipitous declines in 2018, the cryptocurrency has still tripled in value since last…

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