Bitcoin (BTC) price motionless in a bloody market; Investors are anxious
|- The cryptocurrency market has been stirring in the past 4 days.
- Bitcoin drops below $6,500, finds support at $6,440 followed by a sideways trend.
The investors have been quite excited since the beginning of the week. The bullish trend ignited a fresh hope that Bitcoin (BTC) and the larger cryptocurrency had revamped the trend in readiness for the potential bullish rally at the end of year. The market has been stirring the waves in the past 4 days. Unfortunately, the gains have been short-lived as digital assets including Bitcoin begin a phase of sinking in red waters.
Most of the digital assets are languishing in selling pressure with declines between 0.6% for Bitcoin and 4.66% for Ripple (XRP). The market is painted red accept for Dash (DASH) which is up more than 1% on the day. Dash has been in the limelight for giving hope to the residents of the troubled Venezuela.
Bitcoin sideways movement above the support at $6,440 comes after a correction that failed to find support at $6,500. The MACD has crossed into the negative zone from highs of 28.79. The RSI is sending a viable buy signal at the time of writing after recovering from lows near the oversold territory. A look at the chart shows that Bitcoin will correct higher and even take back the broken support at $6,500 but first, it must clear the resistance at $6,480. On the flipside, both the 50 SMA and the 100 SMA will work as support lines at $6,435 and $6,379 respectively.
BTC/USD 15’ chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.