On June 11, the Bitcoin price created a massive bearish engulfing candlestick, causing the price to break down from the long-term ascending support line it had been following since March 13. It is possible that this was the beginning of a longer-term corrective movement that could knock the price all the way back to $7,000. Bitcoin Breakdown On June 11, the Bitcoin price created a
Bitcoin Breaks Down from Long-Term Support Line
The Bitcoin price decreased considerably on June 11, but found support above the 50-day MA.
There is short-term resistance at $9,550 and support at $8,700.
A long-term correction could knock the price back to the low $7,000s.
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