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Bitcoin Swings Between Gains And Losses

Summary

BTCUSD has been changing hands in the $6,200 area, with a mildly positive bias after a bounce from the $6,000 key short-term support.

The industry sentiment remains subdued this week, with reports on the security breach on Bancor exchange have added some downside pressure on the digital currency as the accident made traders.

Some technical indicators reflect the lingering risk of return in selling pressure in the short term.

  BTCUSD has been changing hands in the $6,200 area, with a mildly positive bias after a bounce from the $6,000 key short-term support. The digital currency, which continues to swing between gains and losses, managed to hold above this psychological level yesterday, but it remains to be seen if it can build the recovery traction.

  The industry sentiment remains subdued this week, with reports on the security breach on Bancor exchange have added some downside pressure on the digital currency as the accident made traders worry about safety of their tokens. The general positive sentiment around the greenback restrains bitcoin’s bullish potential as well.

  Some technical indicators reflect the lingering risk of return in selling pressure in the short term. Should the pair derail the $6,000 threshold, the price will target the $5,800 area once again. To prevent such a scenario, the coin needs to regain the 10-DMA at $6,500. The industry needs positive regulatory news and commentary to show a more sustainable and convincing rebound.