Bitcoin is mimicking the price action witnessed in early April, which indicates the corrective rally could gather pace in the next few days.
Bitcoin’s corrective rally from the recent low of $5,859 would resume on bull pennant breakout.
The technical charts continue to call a rally to $7K despite bitcoin showing signs of exhaustion around $6,500.
The cryptocurrency market flashed green Wednesday following a major downturn.
Bitcoin fell below $6,000 on Tuesday, a decline that brings the price of the world’s largest cryptocurrency to within 2 percent of its 2018 low.
Falling prices have sent the total market capitalization of all cryptocurrencies below $200 billion.
The price of Ethereum (ETH) just fell below $300 for the first time since November 12 of last year.
While the market didn’t like the SEC’s bitcoin ETF delay decision, observers on social media weren’t surprised at all.
Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.
David Marcus is stepping down from the board of directors at crypto exchange Coinbase, citing his new role at Facebook leading blockchain strategy.