Bitcoin Gives Up $6,000 Support Level: Price Downtrend Continues – John Navin


After weeks of boring, mostly sideways price action, the new investment thing called bitcoin finally conceded at least short-term defeat and closed below the $6000 support level in a dramatic one-day 10% sell-off last week. Whoever had been buying it up at that level finally decided not to continue with the purchases and the sellers took over in decisive fashion. That kind of a drop, suddenly and with great volume, is typically more representative of a commodity or maybe a penny stock than a currency — which called to mind this analysis “Bitcoin Is An Asset Not A Currency” from Forbes contributor Jeffrey Dorman………..

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