On June 10th Bitcoin unexpectedly dropped 10% in less than 4 hours, leaving investors and analysts scratching their heads in search for the reasons behind the slaughter.
Today, we’ll skip all the poetic prose and poorly planned musical puns and just get down to business.
What’s behind the most recent flash crash?
Is it the widening CFTC investigation into cryptocurrency manipulation?
Will cryptonuts finally receive valid information that will confirm or squash the rumor that Tether and Bitfinex work together to flood the market with hundreds of millions of non-dollar backed Tether?
How bad was the Coinrail hack and is it what is driving the cryptocurrency market down?
Or, perhaps this is simply the result of Bitcoin indecisively trading sideways for the last week as the absence of buying appetite and poor volume contribute to the current downturn.
Bitcoin has completed the descending triangle formation and after bottoming at $6,630, it tested and briefly dipped below the very bottom of the triangle. This appears to be the last line of defense for Bitcoin and failure to stay above the line could see the digital currency plummet to new yearly lows.
Exactly how low depends …
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