By CCN: In the past 24 hours, following an intense 25 percent rally within a seven-day span, the bitcoin price has slightly retraced to around $7,000 from its peak at $7,500, by nearly 6 percent. Several technical analysts expected a minor retracement to occur as the bitcoin price surged from $5,000 to $7,500 in a relatively short time frame, demonstrating a parabolic upside movement. Although technical indicators of bitcoin have portrayed oversold conditions subsequent to its strong rally, the momentum of the dominant cryptocurrency may allow the asset to sustain its positive trend in the near-term. Why a Large Retracement The post Bitcoin Price Falls 6% from $7,500; Is BTC Really Vulnerable to Plunge below $6,000? appeared first on CCN
