Bitcoin's (BTC) downside break of the recent narrow trading range may have opened the doors for a drop to key support at $6,100, technical charts indicate.
The leading cryptocurrency, which was sidelined above $6,400 for 10 days straight, fell to two-week lows near $6,200 yesterday, confirming a range breakdown.
Essentially, the bears have come out victorious in a tug of war with the bulls. As a result, risks are skewed to the downside. More importantly, a prolonged period of extremely low volatility ended with a sell-off yesterday, hence, there could be more losses to come.