Bitcoin is in danger in falling through 7,000 as it struggles to recover from the overnight battering from a whale-induced flash crash.

At the time of writing Bitcoin is priced at $7117 on Bitfinex, threatening to revisit the 6600-6400 region.

Hopes that the leading digital currency would shrug off the apparent sale of $35 million worth of bitcoin (5,000 BTC) on Bitstamp has so far proven to be misplaced optimism - hopium you might say.

Although there can be a tendency to veer between elation and pessimism by market participants buffeted by such violent volatility, Bitcoin is still priced some distance higher than where it was about two weeks ago as it then struggled to break 6400.

Also, on the one-day BTC/USD chart Bitcoin is comfortably out of sight of the 200-day moving average at 4600.

BTCUSD is comfortably above the 200MA.

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Posted from Coinintelnews.com with SteemPress : https://coinintelnews.com/?p=2628

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