Tanya Abrosimova
Independent Analyst
- South Korean prosecutors found high-profile cryptocurrency fraudsters.
- More downside is in store for Bitcoin as long as it stays below 61.8% Fibo.
The correction is over. Cryptocurrency market resumed the downside with Bitcoin price falling to $6,577 during early Asian hours. While the coin managed to recover, trading at $6,900 at the time of writing, the bulls need to clear $7,000 (100-SMA, hourly chart and the upper line of Andrew's pitchfork) to improve the short-term picture and secure further recovery.
The total crypto market cap is $260B against $280 on Wednesday, April 4, which means that the recent sell-off wiped out another 20B form the market.
South Korean prosecutors arrested four top-executives of two cryptocurrency exchanges. They are accused of defrauding their customers amid the regulatory clampdown on virtual currencies. Kim Ik-hwan, the chief executive of Coinnest, South Korea’s fifth-largest cryptocurrency exchange, and other executives are under custody. According to prosecutors, the executives transferred customers’ assets worth tens million dollars to their private bank accounts.
Bitcoin long-term technical picture
From the longer-term point of view, BTC/USD reached the barrier that has been capping the upside since the beginning of March. The coin continues to move within the downside trend with all upside price corrections are taken as a selling opportunity. The ultimate resistance is produced by 61.8% Fibo at $8,100, which is still out of reach. On the downside, $6,000 with $5,896 (February 6) loom large.
BTC/USD, the daily chart
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