BITCOIN WILL RECOVER SOON...

Bitcoin (BTC) is still in recovery mode, but the bulls must keep prices above key support seen just below $6,500 to maintain momentum, the technical charts indicate.
The cryptocurrency clocked a high of $6,736 on Bitfinex yesterday amid signs of a bear breather. However, bargain hunters were short in supply and prices fell back below $6,600 at 01:00 UTC today. Bitcoin has spent a better part of the last seven hours trading in the narrow range of $6,550 to $6,620.

As of writing, BTC is changing hands at $6,590 – up 7.2 percent from Wednesday's 18-week low of $6,109.

While it is too early to call a bottom, the nascent recovery shows promise, with bitcoin holding well above the former support-turned-resistance of $6,425 (April 1 low).
As per the charts, though, an unexpected break below $6,480 could pour cold water on the optimism and signal a resumption of the sell-off.

That target looks feasible when viewed against the backdrop of bearish long-term technical setup. Further, the 7 percent recovery from the recent lows has lifted the relative strength index (RSI) well above oversold region (below 30.00) providing scope for further sell-off.

What's more, the RSI is teasing a break below the ascending trendline (bearish signal).
Clearly, the odds are high that corrective rally could fall apart below $6,480. Meanwhile, the upside is seen gathering traction if BTC finds acceptance above the immediate resistance of $6,619 

he crypto market has a tendency to drop in a reaction to negative press or news about governmental regulations involving cryptocurrencies. In such  environment with negative sentiment, the whole market lost more than half of its total market capitalization because of a series of negative perceived events, news, rumours, and government decisions.

It’s not that agenda-driven and fear-inducing media narrative should be disregarded – it’s that their effects on your investment strategies, if any, have a 1:1 correlation with your time horizon.