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Bitcoin – The Bears are Back in Town

10 Jun Bitcoin – The Bears are Back in Town

Posted at 21:41h in Bitcoin News by

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Bitcoin fell by 1.86% on Saturday, following Friday’s 0.96% fall, to end the day at $7,573.9.

A promising start to the day saw Bitcoin move through to an intraday day high $7,685 to come within reach of the day’s first major resistance level at $7,693.67 before easing back through the day, the relatively range bound day seeing Bitcoin steer clear of the day’s major support levels until a sell-off at the end of the day.

Bitcoin slipped through the day’s first major support level at $7,540.27 and the second major support level at $7,465.23 in the final hour to an intraday low $7,450. The 23.6% FIB Retracement Level of $7,605 and 38.2% FIB Retracement Level of $7,497 provided little to no support in the sell-off, with the moves late in the day seeing Bitcoin resume its extended bearish trend formed at early May’s swing hi $9,999.

Negative news was attributed to the slump that saw Bitcoin cough up $338 in just a couple of hours, with U.S regulators hitting the largest of the…

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