Bitcoin is languishing above $60,000 after visiting $58,500 yesterday. With the $BTC chart looking quite bearish now, is the king of the cryptocurrencies about to plummet all the way down to support at $51,000?
Negative sentiment
Negative sentiment is flooding the cryptocurrency market. In the space of just one week the Fear and Greed Index has swung from extreme greed (74) to fear (30). On top of all its other headwinds, the Bitcoin price took a blow to the solar plexus when it was announced that around $9 billion BTC would be distributed to Mt. Gox creditors in July.
This had the effect of jolting the price down as much as 7% on Monday.
The price fell to around $58,500 before recovering later in the day. Tuesday has witnessed a bounce, and the price is currently at $61,300.
A test of new resistance?
Source: TradingView
However, the $BTC price has recently tested what used to be the support at $61,500, and the concern is that the price will now resume the correction. To
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