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  • Bitcoin remains under fire on Tuesday, nursing losses of over 2% in the session.
  • BTC/USD received some support in a key near-term demand zone, protecting from a fast drop down to $6000.

 

The Bitcoin price is trading firmly in negative territory on Tuesday, down over 2% in the session, as the crypto market wide continues to cool across the board. This easing in pricing comes after the large rally seen last week.

In terms of news flow, it was revealed by Mt Gox that their trustee, had sold around 24,658 BTC and 25,331 BCH, being offloaded between March to June. This was part of a move that allowed the estate to exit bankruptcy status and enter civil rehabilitation. Reported to have been worth more than $230miln.

Technically, BTC/USD has failed to sustain the upside momentum after receiving a bounce within a touted near-term demand area, which is within $6350 territory and in proximity of the 61.8% Fibonacci. Should the buying solidify, eyes will be on retesting $6500 to the upside. If the bears turn up the pressure again, there could be a very fast fall down to $6100 and then a test of $6000 to the downside.

 

BTC/USD 60-minute chart