$6K Bottom? Bitcoin Bear Market Back After 10% Plunge – Bitcoints

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Published on June 11th, 2018 | by bitcoin

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$6K Bottom? Bitcoin Bear Market Back After 10% Plunge

$6K Bottom? Bitcoin Bear Market Back After 10% PlungeThe bitcoin market has come alive in the last 36 hours, with the bears gaining the upper hand and now aiming for fresh 2018 lows below $6,000.
Across the media, the price drop has been put down to a hack on South Korean exchange Coinrail, revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges.
Either way, the technical studies now spell trouble for bitcoin.
4-hour chart

The extreme oversold conditions as shown by the relative strength index could put a temporary bid under bitcoin.
Only a daily close (as per UTC) above the 10-day MA, currently located at $7,444, would abort the bearish view.

Source: Www.coindesk.com

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