Bitcoin Bears Pushing On as BTC/USD Stuck at $6,200, Will it Break Above?

Bitcoin 7 14 2018 LearnCrypto Powered By Wyckoff SMI 2024

Bitcoin price is stuck at $6,200 while still being in the red. Bitcoin is still under the weight of bears as it struggles to make recovery, though the short-term scenario is riddled with the downward trend. Meanwhile, New York authorities have come up with a new rate while Russians are accused of the indictment in the 2016 US Presidential elections by using Bitcoin.

Bitcoin bears not letting go

The world’s biggest cryptocurrency, Bitcoin has been going through a rough patch as bears seem to have taken up a firm stance for now. Yesterday, BTC/USD closed around $6,300 level but fell down to below $6,100 mark again today.

However, Bitcoin did register green and went to $6,280. But the slight upward shift didn’t last long as it falls down to $6,200.

BTC price LearnCrypto Powered By Wyckoff SMI 2024

The market is very well divided into two extremes as analysts and forecasters are still sticking with their $25k and $60k numbers. While many are claiming the bubble is finally bursting.

While sitting at $6,200 price level, investors are hoping for the bulls to enter, however it looks like bears will still hold the market in its paws. The small gains seen in the market can take Bitcoin to the $6,400 but the bulls are giving an indication of a hit below $6k.

Last month, Bitcoin went down to $5,880 before bouncing back. And this time also, the probability of the same is pretty high. The downward trend will take it down towards $5,900. However, this has a strong support at $6,100 level and further faces resistance at $6,300.

Overall, Bitcoin remains bearish, though it can see an extension to $6,400, it won’t be able to make further gains. A decline is further likely to come and hit about $5,800 mark.

Also, read: Bitcoin (BTC) Shakes the Bears Off While DASH, EOS, & NEO Emerge as Winners

Meanwhile, Bitcoin used in US presidential election 2016

On one side, the New York Regulators introduced a new power rate structure for crypto miners. While the national average power rate is $0.13 per kilowatt hour, New York state has now got the cheapest power rates in the US at $0.039 per Kilowatt hour.

On the other hand, the US Department of Justice has charged 12 Russian intelligence officer for interfering in the US Presidential election of 2016. Reportedly, over $95,000 have been laundered through bitcoin and other cryptocurrencies.

Apparently, about 500,000 voters’ information has been stolen to finance the attacks against Hillary Clinton’s campaigns members and Democratic party officials among others.

Now, bitcoin not being anonymous is doing the rounds as Mueller team managed to follow the money on blockchain and find out the individuals behind those transactions.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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