2018-6-15 17:11 |
Bitcoin (BTC) is still in recovery mode, but the bulls must keep prices above key support seen just below $6,500 to maintain momentum, the technical charts indicate.
However, bargain hunters were short in supply and prices fell back below $6,600 at 01:00 UTC today.
Bitcoin has spent a better part of the last seven hours trading in the narrow range of $6,550 to $6,620.
While it is too early to call a bottom, the nascent recovery shows promise, with bitcoin holding well above the former support-turned-resistance of $6,425 (April 1 low).
A break below $6,480 (flag support) would mean the corrective rally from the recent low of $6,109 has ended and the bear market has resumed.