Bitcoin price analysis: BTC/USD resuming the powerful downward trend, scope for another test of $6,000
|- Bitcoin on the back foot again, holding losses of 5% during trading on Wednesday.
- Downside target eyed for a retest of $6,000, support region seen between $6,400-7,000.
The Bitcoin price has once again resumed the overall bearish trend on Wednesday, down as much as 5% during trading. This comes after Bitcoin was able to see a very small retracement, earlier in the trading week, however this brief move earlier has been short lived.
A renewed bit of optimism was seen across the market on Tuesday, after reports suggesting regulated Japanese online broker Monex Group, are readying a bid for Japanese exchange Coincheck. This upbeat sentiment observed initially, didn’t have enough steam to carry it through to Wednesday session, given the losses seen.
BTC/USD technically looks subject to some further downside, with eyes locked in again on a potential retest for the $6,000 area, where the price has been most recently at the start of February and April. The buying area for BTC/USD is seen between $6,400-7,000.
BTC/USD daily chart
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