Bitcoin A Next Level Of Support At $ 5,100 :

Bitcoin A Next Level Of Support At $ 5,100

For more than two weeks, from late May to June 10, Bitcoin traded between $ 7,100 and $ 7,700. On June 10, it dropped from $ 7,600 to $ 7,250 in just ten hours, when Coinrail, a South Korean credit trading platform, announced that it had been the victim of a hacking attempt. The website said that 70% of its Bitcoin reserves were safe and that two-thirds of Bitcoins whose piracy had been confirmed had either been frozen or recalled through a consultation with each manager and each related exchange. This is an uncomfortable message from the platform.

The Bitcoin suffered another shock less than 24 hours later, losing nearly $ 500 more to reach $ 6,800 in less than three hours. It then stayed at this level for less than two days, before falling to $ 6,450, a price as low as that of April 1. Then it dropped below $ 6,000 over the weekend, dropping to $ 5,800. He then resumed the hair of the beast to reach $ 6,200 Sunday.

As shown in the graph below, after reversing its downward trend from December 2017 to April 2018, when it dropped from $ 20,000 to $ 6,800, it entered a new descending phase early May. After rising to finally close to $ 10,000, the cryptocurrency experienced a new series of falls.

It then fell below the support level set at $ 6,450 in April and November 2017. This chart does not show the movements of this weekend, so we added a small circle to show where the Bitcoin was this Sunday. It seems to continue its downward trend.

According to Yahoo! Finance, Bitcoin traded at $ 5,968 on February 6, 2018. However, it lasted only a very short time, because it went back to $ 7,701 that same day.

If it does not bounce back in the next few days, then the last level of technical support will come back last October. On October 18, the most famous cryptocurrency traded at $ 5,115 and $ 5,376 on October 25. While it has risen in the last few hours above $ 6,000, unless there is some material demand on the surface, it should continue to go down.