Published on June 11th, 2018 | by bitcoin0
$6K Bottom? Bitcoin Bear Market Back After 10% Plunge
The 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.
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.