BITCOIN continued a retreat from its record high of $64,895.22 reached on Apr. 14 as it fell over the weekend. A blackout in China’s Xinjiang region, which powers a lot of bitcoin mining, was reportedly responsible for the selloff, according to data website CoinMarketCap.
Analysts at National Australia Bank cited "speculation in several online reports" that the U.S. Treasury could crack down on money laundering within digital currencies for the sharp drop.
The Central Bank of the Republic of Turkey’s decision to ban the use of cryptocurrencies for purchases also contributed to cryptocurrencies’ fall.
The short term trend bias is down with the pattern still hinting for a drop along 52659, testing previous swing lows. Sustained action under 52659 could fuel selloffs
⇒ 46348. Trade should find resistance against 60269 to maintain pressing bear forces. A close over 61754 is short term friendly.