- Robert Shiller says Bitcoin is a social phenomenon.
- BTC/USD is trapped marginally above $6,000 support.
Bitcoin is staying close to $6,000 amid global cryptocurrency jitters. While positive news from Facebook and South Korea decision to refrain from introducing 10% tax on cryptocurrencies stopped the sell-off, buyers are still nowhere to be seen. The global cryptocurrency market lost $12B of its value in 24 hours with more downside to come.
Robert Shiller, a professor from Yale University Professor compared Bitcoin phenomenon with an epidemic of enthusiasm. Speaking with Bloomberg anchor, Tom Keene, he explained that digital assets are gaining popularity across the globe and penetrating into prestigious fintech areas.
“Silicon Valley is really into it. This to me shows that this is not a rational response to new information.”
“It is a speculative bubble, but that doesn’t mean it will go to zero. Speculative bubbles reoccur.”
Bitcoin technical picture
BTC/USD is trading within a bearish channel with the upper line currently at $6,330. A sustainable move higher is needed to mitigate short-term bearish pressure and create favorable environment for the recovery. On the other hand, if the price drops below $6,000 and retests Sunday’s low at $5,777, more downside may be expected with the initial aim at $5,500.
BTC/USD, the daily chart
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