Bitcoin (BTC) could post new 2018 lows over the weekend, having found acceptance below key price support.
Despite signs of a possible corrective rally seen earlier yesterday, the leading cryptocurrency closed below $6,000 for the first time since November 12, signaling a downside break of a major support (February low).
While the bears had briefly pushed prices down to $5,755 (2018 low) last Sunday, a close below $6,000 had remained elusive. Now that prices sit below $6,000, the focus is back on the long-run bearish technical charts, which continue to call a move lower to $5,000.
At press time, BTC is changing hands at $5,904 on Bitfinex – down 3.4 percent on a 24-hour basis.
Meanwhile, other cryptocurrencies are also flashing red this morning. Names like EOS, litecoin (LTC), cardano (ADA) are reporting 6 percent drops on a 24-hour basis. Ethereum (ETH) and XRP are down 4 percent each, according to CoinMarketCap.
Despite the drop below support, bitcoin is still outperforming most other cryptocurrencies and is now at…
Continue reading at COIN DESK