Bitcoin struggles to stay afloat as downside run looks to continue
08 Jun 2021
The technicals are starting to crack for Bitcoin
Bitcoin is down 5% on the day currently as it trades below $33,000 with buyers struggling to muster enough momentum to try and turn things around after the May selloff.
There has been some consolidation below $40,000 as the 50.0 retracement level @ $34,378 is somewhat defended but the close yesterday breached that level and we are seeing the downdraft continue into the new day today.
That doesn’t bode well technically for Bitcoin after having failed to get back above $40,000 in recent weeks, so the latest technical break may spell further downside to follow.
The $30,000 level is the next key psychological support but beyond that, it could be a trip back to obscurity for the cryptocurrency as the hype and euphoria fades (again).