Bitcoin smashes several support levels to $6,178 low as a class war of Bitcoin enthusiasts and crypto critics escalate

  • The American Association of Retired Persons joins the ranks of crypto critics.
  • Bitcoin drops below $6,500, to the lowest level since June 24.

BTC/USD touched $6,178 during early Asian hours, which is the lowest level since June 24. The price broke below critical support $6,400, which, triggered a wave of sell orders and took the coin to the multi-month low. Despite a recovery towards $6,207 by press time, the coin is still trading 4% lower as compared to this time on Wednesday.

Bitcoin's technical picture

A sustainable movement below $6,200 handle will open the way towards critical $6,000, where fresh buying interest is likely to appear and trigger upside correction. However, if this area is cleared, the downside movement will start snowballing with the next aim at February 6 low ($5,880). On the upside, the critical hurdle is located above $6,500, strengthened by a confluence of strong technical indicators, including 38.2% Fibo retracement weekly, 61.8%  Fibo retracements daily a host of SMA levels and a 4-hour high.

Bears are getting angry

It seems that the camp of Bitcoin critics is growing. The American Association of Retired Persons published its glossary of Wall Street buzzwords with the following definition for Bitcoin. 

“Bitcoin — A bunch of computer code that a bunch of criminals, idealists and speculators agree is worth ‘real’ money. Sadly, its real-money value swings widely, making it impractical except for criminals, idealists, and speculators.”

Nouriel Roubini would probably like it as he recently said that cryptocurrencies and blockchain are worse than North Korea. However, the Twitter community mocked it with sarcasm, which is hardly surprising. 

The world is still divided on what is Bitcoin, a panacea or anathema.

BTC/USD, 4-hour chart

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