Bitcoin sees a bounce after meeting the $6,100 support level
CCN article summary
Bitcoin price has corrected and bounced back from $6,100 to $6,500 over the past 24 hours, rising by around 6.5 percent. This corrective rally and short-term recovery was quite predictable considering the extremely low Relative Strength Index (RSI), which at under 28 yesterday showed BTC was heavily oversold.
The downtrend is still very much in action however, and this corrective rally does not mean the bear trend is over - we are likely to see BTC retest the 6k levels. The question is, will we break this support level this time and will we see BTC go lower to the low-5k levels before the next bull run in the mid-term?
The 2018 cryto market has seen a retail bubble pop once again, as most institutional investors seem to have pulled out for the moment. These institutions need to come back into the game in order to fuel the next rally, as if we depend solely on retail investors, not only would it take a much longer time to rally, but we also may not see enough market confidence for a strong rally to happen and have it test new highs. That being said, crypto investors and funds remain confident that Bitcoin will recover in the mid-term. In the short term, however, it all remains quite uncertain...