Bitcoin lacks enthusiasm
Bitcoin has managed to stage a mild recovery on Wednesday as the price has kept above the $6,500 key . The technical picture in the continues to improve since the plunge to lows marginally above $6,000. Nevertheless, the coin still lacks positive momentum and may resume the downside move in the short term.
Traders refrain from more pronounced buying as the market remain vulnerable after several hacks in South Korea. By the way, the recent incident with Bithumb continues to be a risk for the digital currency, as one of the largest exchange in Asia is yet to confirm which tokens from the lost $30 million in cryptocurrencies were stolen in a massive attack.
BTCUSD has been trading within a tight range and struggles for short-term direction. The coin still needs to regain the $6,800 area to continue its corrective rebound from early-February lows around $6,000. But a wider picture will improve only above $7,800. The immediate support comes at $6,600.