Bitcoin Technical Analysis: (BTC/USD) Bitcoin Approaches Danger Zone

The market has suffered another double-digit BTC collapse over the past 48hrs, as the ‘digital gold’ tumbles dramatically through its $7,000 psychological support.

The global crypto market capital has also fallen below $300 Billion for the first time since mid April, as buying momentum has struggled to regain traction over Q2.

Panicked investors hurriedly checked the Mt Gox BTC wallet for any changes in the balance, but none were reported. Numerous media sources are now pointing the finger at the recent Coinrail hack and ongoing CFTC investigations as the main culprits for this sudden decline in BTC’s performance, although both allegations are still inconclusive.

With Bitcoin’s price affected by so many geo-political, mainstream media and fear factors, it’s always incredibly difficult to pin its decline to any single reason. What can be noted is that during the past 48hrs in particular, BTC’s selling volume has increased radically over 2 short phases, as someone/ some…