Bitcoin's (BTC) double-digit drop may have sent the bulls packing, however, a long-term bearish reversal is still not confirmed, technical studies indicate.
At press time, the leading cryptocurrency is changing hands at $6,422 on Bitfinex – down 13 percent from the previous day's high of $7,404.
Notably, BTC has erased gains made in the last two weeks in a single day. Further, the sharp drop has poured cold water over the optimism generated by the falling channel breakout and the bullish turn of the weekly MACD.
Still, it is premature to call a long-term bullish-to-bearish trend change, as the prices are holding well above the crucial support of $6,000.
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