Bitcoin extended its drop from last week's record highs on Wednesday and lost more than $400 to a fresh 6-day low at $5114. After staging a modest recovery in the late NA session, the BTC/USD pair is now trading at $5400, still down 3.6% on the day. Speaking at an event in Washington, olyn Wilkins, senior deputy governor of the Bank of Canada, argued that digital currencies wouldn't be able to replace cash as she said, " that’s worth the name to be called money really does have to be a medium of exchange, a store of value – and the digital currencies that are out there right now don’t fulfill them – bitcoin doesn’t, none of them do." The pair could face the initial hurdle at $5600 (daily high) ahead of $5850 (record high) and $6000 (psychological level). On the downside, supports could be seen at $5100 (daily low), $5000 (psychological level) and $4815 (Oct. 12 low).
