Bitcoin Back on the Defensive After Price Hits Two-Week Low

Bitcoin (BTC) price dropped to two-week lows earlier today and could extend the decline to key support near $6,100, technical charts indicate.

The leading cryptocurrency was teasing a bullish move 24-hours ago, having carved out a lower high of $6,270 along the support of the trendline connecting the Oct. 11 low and Oct. 31 low.

The defense of the key trendline support was also backed by a bullish divergence of the MACD (moving average convergence divergence) histogram.

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