Bitcoin Price Analysis: BTC/USD dealt big hammer blow, key break of $6500, leaves Bitcoin well and truly exposed
|- Bitcoin price plummeted on Thursday, during Asian market hours, causing a sell-off across the board.
- Speculation continues to do the rounds, behind the move. Big demand area tracking from $6100 down to $5800.
Bitcoin price on Thursday was underwent a bloodbath of losses, seen down over 5% in the session. The pressure coming during the Asian market hours. Causing a domino effect across the other altcoins, all nursing substantial downside pressure.
The catalyst of the sell-off is still unclear. There are a few touted reasons doing the rounds. Some news wires are attributing the move to the IMF commentary earlier in the week. While others believe this may have just been stops triggered, perhaps by some large Bitcoin players or algorithms.
BTC/USD as covered in the previous post, is still at threat of seeing $6000 being tested again. The price was being supported for quite some time, around the $6500 area, before breaching. There is demand seen from $6100, down to $5800 as the bottom for that buying range. Resistance could now likely be seen at the previous support area of $6500.
BTC/USD daily chart
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