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, 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
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.
