Bitcoin Tumbles Below $6k, Signals Start of Something Worse

In the past few hours, Bitcoin (BTC) has not shown an excellent performance. Previously, the cryptocurrency just plummeted below $6,000 a few hours ago—a fall under this key psychological level for the very first time in a week.

The crypto looks poised to close its ongoing daily and weekly candles under this level. And this would mark a little blow to bulls. So, a lot of traders expect the asset to further trend lower over the coming days.

In the past, Filb Filb was a crypto trader who correctly predicted the Q4 2019 and January 2020 price action of Bitcoin precisely. Now, he shared the chart in the wake of the fall below $6,000. The chart indicates several BTC charts – from short time frames to long time frames.

In addition to that, his indicator is advising him to stay short around seven out of eight frames. This indicates that more downside for the cryptocurrency market is a possibility. Also, the same indicator advised traders to be short or at least in cash heading into the brutal drawdown last March 12 – where Bitcoin dropped from $7,700 to a price as low as $3,800.

More on the bearish narrative, a top crypto trader remarked BTC’s daily chart is showing three harrowing signs at the moment. First is the Tom Demark Sequential, which called the 2019 top of Bitcoin at $14,000 and the bottom at $6,400. Recently, it flashed a green 9 candle, hinting a reversal is imminent. Second is the Stochastic RSI. It has seen a bearish crossover, signaling downside remains. Lastly, the MACD histogram is currently falling and looks poised to shift tp negative within the next few days.

Trader DonAlt stated that the current price action is mirroring the seen before the capitulation event on March 12.

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Team Behind EOS New York

Elsewhere, EOSIO developer Block.one has recently recruited the team behind EOS New York (NY), a high profile Block Producer on the EOS network.

EOS NY, founded in 2017, was a one-time the no. 1 producer on EOS. However, it has ceased its operations, as revealed in a March 25 announcement. The founder, Kevin Rose, stated, “We are deeply grateful for the way the community has embraced our team over these past few years. EOS NY was shut down prior to our joining Block.one.”

According to Rose, the firm was not part of the move. And they are looking forward to going on as a community participant in these new roles at Block.one.

Then, Block.one has explained that its hire of Kevin Rose, co-founder Rick Schlesinger, and the EOS NY team is for deepening its engagement with public blockchain communities. Aside from that, they aim to improve ideas to foster organized, open and decentralized public network operations. Also, it plans to represent its interests as a token holder of a number of public digital assets.

Now, the difference with EOS lies in its consensus mechanism, called delegated proof-of-stake. Here, network participants can stake their tokens to vote for their BPs as elected delegates.