Bitcoin price analysis: selling pressure resumed, BTC/USD back below $6,600
|- Bitcoin is sliding again, correction proved to be short-lived.
- Bitcoin bulls have to take the coin above $7,000, but chances are slim.
BTC/USD resumed the downside after a short recovery attempt. The price managed to get to $6,618 before new sellers came in and pushed it back below $6,600 threshold. While trading activity is pretty slow during Asian hours. all major coins are turning reddish again.
The momentum is created by a combination of technical and speculative factors as there are no fresh fundamental reasons that might have triggered the decline.
“I don’t think this is driven on any particular news, just the general downtrend after the 2017 run. A lot of people who bought at $9,000 in April are realizing that they’re not going to break even anytime soon, and are instead trying to get out,” Kyle Samani, managing partner form Multicoin Capital crypto hedge fund said, as cited by Bloomberg.
Bitcoin's technical picture
From the intraday perspective, BTC/USD might re-test Tuesday's low at $6.450. If this level is broken, the downside may be extended towards $6,000 with the ultimate bearish aim $5,873, which is the lowest level of 2018. On the upside the recovery is capped by $6,600. If it is cleared, $6,700 will come into focus with the ultimate bullish goal at $7,000.
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