Bitcoin Price Falls 6% from $7,500; Is BTC Really Vulnerable to Plunge below $6,000?

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