Below $15K: Bitcoin Plays Defense Amid Bear Move

Bitcoin remains on the defensive, despite yesterday’s sharp recovery from $14,000 levels.

Data source OnChainFX indicates the world’s largest cryptocurrency by market capitalization has depreciated by 4.54 percent in the last 24 hours. As of writing, CoinDesk’s Bitcoin Price Index is at $14,750 levels.

The BPI fell to a low of $13,957.19 at 15:14 UTC yesterday, reportedly due to a sell-off triggered by price data site CoinMarketCap’s unannounced decision to exclude three Korean exchanges from its averages.

However, bitcoin (BTC) was already on the back foot, possibly due to fears of China crackdown on the bitcoin mining industry in the country.

The BPI’s failure to hold above $15,000 today only underscores the bearish undertone in BTC. Further, the technical charts indicate BTC is still not completely out of the woods…

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