Is losing the $ 6,000 support threshold a disaster for Bitcoin?

Has Bitcoin finished its bottom?

Last week was clearly an extremely difficult week for the cryptocurrency market, with the worsening developments of the corona pandemic having a strong impact on the global market, resulting in many inter-asset assets. being sold off.

This sell-off caused Bitcoin price to drop below critical support. A fall below this threshold puts the entire cryptocurrency market at risk of a deep decline in the future.

However, this is not a very bad situation of the market, when many analysts still believe in the positive possibilities for Bitcoin price.

Analysts warn of a risk if Bitcoin falls below key support

Bitcoin has just witnessed a slight sell-off that caused the coin to drop below $ 6,000, the critical level the coin has sideway throughout the week.

This selling pressure is the lingering effect of the first plunge when Bitcoin was denied $ 6,900 last week. This movement made many people believe that the last bounce was just a trap and the market could completely go down.

Weekly candle chart
Weekly candle chart

It seems that this rapid decline could cause Bitcoin price to move to important support areas in the price channel.

Many cryptocurrency analysts point out that a fall below this support could cause BTC to plunge to a deep price threshold of $ 2,000.

Source: BigCheds
Source: BigCheds

In the short term, Big Cheds, a cryptocurrency analyst, thinks there are still a few factors that could be positive for Bitcoin:

"The weekly chart of BItcoin sees MA 200 once again being established, an inside bar candle next to the bullish divergence pattern on the RSI."

These factors can help Bitcoin close the weekly candle with a good price, and create momentum for the coming week, even helping the market to grow stronger in the future.

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According to Coin68 / CryptoSlate
Recompiled ToiYeuBitcoin

Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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