Bitcoin Price Eyes $6.2K Amid Further Drop into Bear Territory

Bitcoin‘s (BTC) reversal of the recent uptrend in prices is gathering pace and a drop into a bearish territory below $6,200 is now a possibility, technical charts indicate.

The leading cryptocurrency found acceptance below the lower edge of the rising channel yesterday, invalidating the bullish price action witnessed earlier this week. Essentially, the rally from the Oct. 31 low of $6,201 has ended at a high of $6,540 reached on Nov. 7.

At press time, BTC is trading at $6,350 on Coinbase, having clocked a five-day low of $6,335 soon before press time, following a sudden $100 drop.

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