Bitcoin price analysis: BTC/USD bears remain locked in on a possible return to $6,500
|- Bitcoin price pressures to the downside resume, as bears remain focused on $6,500.
- BTC/USD is on its longest weekly losing streak seen since March 2017.
The Bitcoin price was seen down on Friday by 1.5%, as the selling pressure resumes, following a small break during Thursday’s session. It isn’t too surprising observing the continued move south, given the key support area breaks this week.
Looking at the weekly view for BTC/USD, the price is currently flirting with the 61.8% Fibonacci, in proximity to an area that has proven difficult to break down in the past. Bitcoin has dropped just over 25% over the past three weeks and is on its longest weekly losing streak since March 2017.
BTC/USD does still remain vulnerable to another attack from the bears, as many look to the mid $6,000 region, before any substantial buying. Within the mentioned area, there historically is much buying interest, as proven in; February, March and April for this year. Resistance is seen back up at $8,500.
BTC/USD daily chart
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