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Breaking: Bitcoin Plunges to $6,600 as Week Closes Red

Avatar Nick Chong 4 months ago

On Saturday, Bitcoin bulls were afforded a glimmer of hope as the cryptocurrency jumped 8% from the Friday low of $7,400. Though, this hasn’t lasted. As of the time of writing this article, BTC has just tapped $6,600 — the lowest the cryptocurrency has traded at since the middle of May earlier this year — and is trading down some 6.66% (yeah ominous, I know) in the past 24 hours.

Related Reading: Crypto Tidbits: Bitcoin Dives Under $8,000, Fidelity Bags Trust License, SEC Takes Second Look at ETF

Some say this corroborates the idea that the cryptocurrency heads lower in the coming hours. Trader Walter Wyckoff noted earlier Sunday that Bitcoin is likely to close the week under $7,500, the 100-week moving average. And it did.

This is important as the last time BTC closed under this support level, the cryptocurrency’s price fell by 35% in the three weeks that followed. If history repeats, Bitcoin could drop to the high-$4,000s or low-$5,000s and then bottom from there, then begin its next leg higher.

There’s also an analysis of Bitcoin’s one-day Relative Strength Index (RSI) from Byzantine General, which implies that the cryptocurrency will continue to bleed out towards the low-$6,000s and potentially high-$5,000s before relief is found at last.

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Nick Chong

Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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