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Here’s Why Bitcoin’s Bullish Monthly Close Isn’t Enough to Thwart a Massive Selloff


Following Bitcoin’s bout of consolidation within the mid-$6,000 region, the benchmark cryptocurrency has seen a slight decline that has led it down towards the support that has been established around $6,000. This decline today has come about against a backdrop of bearishness in the equities market, with virtually all of the benchmark indices seeing some notable losses. Analysts believe that this could create a downwards tailwind that also leads BTC to decline, which could invalidate all of the bullishness stemming from its recent monthly close.

Trader: Bitcoin Likely to See Further Downside Despite Bullish Monthly Close

At the time of writing, Bitcoin is trading down just over 3% at its current price of $6,250, which marks a notable decline from daily highs of over $6,500 that were set yesterday during its bout of sideways trading. Read More...

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