Bitcoin price is in danger of falling below $ 6,000 if it loses this support area

Bitcoin could fall 25% to $ 8,800

By the end of the week, the Bitcoin (BTC) price fell below $ 6,900 and at the time of writing, the leading cryptocurrency is struggling to hold $ 6,800.

Earlier this week, CoinTelegraph analyst Michael van de Poppe said that $ 6,900 is the critical level Bitcoin needs to hold and a fall below this level could trigger a trend reversal.

Van de Poppe explained:

“The last area of ​​support for the bulls is in the zone of $ 6,750- $ 6,800. The first sign of weakness is the loss of annual and monthly support at $ 7,200. However, the loss of $ 6,750- $ 6,800 will result in a more severe decline and will also make the volume decline further. ”

A violent plunge below $ 6,000 if the main support is broken

The theory is that Bitcoin price has risen 100% since falling to $ 3,750 on March 13, so a short-term reversal is likely to occur.

According to Van de Poppe, the move to fall below "the next support zone at $ 6,750- $ 6,800 will probably trigger a massive sell-off towards the support at $ 5,800 and confirm the further downtrend."

Daily crypto market performance. Source: Coin360
Daily crypto market performance. Source: Coin360

At the time of writing, the daily chart shows Bitcoin price is attempting to hold above $ 6,800, which also has a high volume node on the VPVR index and support at $ 6,750.

If the price of Bitcoin fails to hold support of $ 6,750, the price is likely to slide to $ 6,350, in addition, the soaring sales volume pushes the price below $ 6,350 and $ 6,200, the price will probably revisit $ 5,800.

1 hour chart of BTC / USDT. Source: TradingView
1 hour chart of BTC / USDT. Source: TradingView

Critical time for the bulls

To reverse the current downtrend, the bulls need to reclaim the $ 7,000 level, which must then close the candle above $ 7,200. Even the weekly close at $ 6,900 will at least reinforce the possibility of reaching $ 7,200 by the beginning of next week for BTC.

The bearish scenario is quite grim, as retesting the support of $ 5,800 increases the likelihood of a return below $ 4,000. Analysts such as BitMEX CEO Arthur Hayes and renowned cryptocurrency trader PentharUdi and Crypto Capo, are calling for Bitcoin prices to retest the range from $ 3,500 to $ 2,000.

Bitcoin daily chart. Source: Coin360
Bitcoin daily chart. Source: Coin360

As Bitcoin price dropped gradually on Saturday, the majority of altcoins also dropped slightly. Ether (ETH) has fallen by 2.09%, Bitcoin Cash (BCH) is down 3.42% and Chainlink (LINK) has lost 4.65%.

The current total market capitalization of cryptocurrencies is $ 194.9 billion with Bitcoin's dominance rate reaching 64.2%.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

Maybe you are interested:

Join our channel to stay up to date on the most useful news and knowledge at:

According to CoinTelegraph
Translated by ToiYeuBitcoin

About 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. Mr Cuong.
Newer Posts Newer Posts Older Posts Older Posts


Post a Comment