Bitcoin (BTC) nosedives below $6,400, bears are unstoppable

The green for the potential bullish rally is slowly creeping out. The investors were getting ready for an upswing that could see Bitcoin clear the resistance at $7,000. However, the ongoing gain trimming activity is dimming the light at the end of the tunnel.

Following the range escape escapade that had it break above $6,500, is a drop that has broken below the trendline support at $6,458.80. Prior to the drop, there was a brief consolidation around the $6,500 level after BTC/USD was unable to correct past $6,530. At the time of press, Bitcoin has creeped into the resistance range with a support at $6,374 and an upper limit at $6,440.

The price is holding tight at the 100 SMA (1-hour) chart currently at $6,390, while Bitcoin is trying to make a bullish comeback in a bid to recovery above $6,400. The MACD at -19.3 is a strong sell signal couple with the RSI which is entering the oversold region. The price must recovery above $6,400 and target the range resistance at $6,440 for a recoil above $6,500. On the flipside, if the range support gives in to selling pressure, Bitcoin will take refuge at $6,200 and $6,000 respectively.

Investors are expecting Bitcoin to grind higher as the end-year approaches. However, the CEO of Atlas Quantum, a global investment platform based in Brazil, Rodrigo Marques reckons that Bitcoin should not be expected to slide below $6,000 as the year comes to an end. However, he reckons and a I quote:

We continue to see BTC in a consolidation period and don't expect it to break below a support level of $6K before the end of the year. Right now, large investors are moving into the market in anticipation of a likely move upward but it's hard to say when that will occur. Expect a range of "$6K-$9K for the next six months.

BTC/USD 1-hour chart