There was a spike below the $6,580 support and the price settled below the 100 hourly simple moving average. On the downside, there is a bullish trend line with support at $6,560 on the hourly chart of the BTC/USD pair. If the pair breaks the trend line and $6,550, there is a risk of more slides. An initial support is around the 76.4% Fib retracement level of the last leg from the $6,445 low to $6,840 swing high at $6,540. Below this, the price may perhaps accelerate declines towards $6,500 and $6,450. On the upside, the $6,650 and the 100 hourly SMA are initial barriers.
Long-Dormant Bitcoin Whales Resuming Activity Could Rock Price Action, Analysts Say
The number of active Bitcoin wallets, many of which have long been dormant, has seen an uptick that could herald some major market movements, analysts claim.
Expert predicts cryptocurrency boom 'within a year' as Bitcoin marks its 10th anniversary
Investors are remaining positive about Bitcoin as it marks its 10-year anniversary, despite a worrying drop in value in recent months. The cryptocurrency has come a long way since the bitcoin blockchain was created on January 3, 2009. At one point, it was considered so worthless that, in May 2010, Florida-based programmer Laszlo Hanyecz bought two pizzas for 10,000 Bitcoin, valued at the time at $30.
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