Bitcoin’s Defense of $6K Raises Odds of Relief Rally

Bitcoin (BTC) is again trading above $6,000 and looking up, but today’s closing price will likely set the tone for the rest of the week. The leading cryptocurrency fell to $5,755 at 15:00 UTC on Sunday – the lowest level since Nov. 12 – only to make a quick recovery back above $6,000 an hour later, according to Bitfinex data. The failure to capitalize on the drop, despite the long-run bearish technical setup, suggests that the bears are feeling exhausted, having pushed BTC lower by more than 40 percent (from $9,990…