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Bitcoin price analysis: Another fall below $6,000 likely; New York approves new power rate structure for crypto miners

  • BTC trades firm on day, lower levels seen.
  • NY state approves different rate structure for crypto miners.
Bitcoin price analysis: Another fall below $6,000 likely; New York approves new power rate structure for crypto miners
Manoj B RawalManoj B RawalIndependent Analyst

Bitcoin, the largest cryptocurrency is trading flat to mildly green on day but the chips are in place for this crypto poster boy to head lower again below $6,000 round figure mark from where it bounced back later last month.

BTC/USD up 0.1 percent on day at $6,218 almost near low point of the day, which is at $6,204 and in a less than $100 range for the day. On the 180-minute chart, the downard bias on the Bitcoin is clearly visible which could take it potentially towards $5,900. Immediate strong support is placed around $6,100 mark while resistance is placed above $6,300 in the form of 21 days simple moving average.

Regulators in the state of New York which have come up with a new power rate structure for crypto miners. The state of NY has one of the cheapest power rates in the U.S at $0.039 per killowatt hour as compared to natoinal average of $0.13 per killowatt hour.

BTC/USD 180-minute chart:

Author

Manoj B Rawal

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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