Bitcoin Prices Are Testing $6,000 Again: What's Different This Time Around? [Forbes]
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Source: Forbes
Shutterstock It seems that the $6,000-mark has emerged as a support level for Bitcoin. The digital currency lost 6.59% of its value over the last twenty-four hours and 14.49% of its value over the last seven days. Ethereum and XRP have registered even bigger losses over the same periods-see Table 1. Worse, only 3 out of the top 100 cryptocurrencies registered gains—see table 2. In the past there have been both technical and psychological factors which have caused traders to see this price mark as an entry point on the long side of the market. This time around however, there’s something different going on. Bitcoin testing comes at a time of international currency turmoil. Most notably, a collapse in the Turkish lira and the sharp decline in the euro against the dollar. That’s supposed to be a bullish environment for Bitcoin, which seeks to establish itself as an alternative to national currencies. The digital currency should be
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