Bitcoin looks set to revisit November lows after a 22 percent drop, but a minor corrective rally looks to be in the offing beforehand.
At time of writing, CoinDesk's Bitcoin Price Index (BPI) is seen at $8,228, having clocked a five-week low of $7,676 earlier today. Meanwhile, BTC's global average price on CoinMarketCap is $8,293 - down 7.44 percent in the last 24 hours.
Prices fell nearly $1,300 on Wednesday, a move reportedly influenced by Google's decision to ban online advertisements promoting cryptocurrencies and related products. The restriction would come into effect from June.
However, even before the announcement from the search giant, the technical charts favored a downside move. The sell-off has sent BTC bulls packing and the cryptocurrency faces the risk of further downside in the days ahead.
https://www.coindesk.com/6k-in-sight-bitcoin-could-drop-further-after-corrective-rally/
