Bitcoin price analysis: Breakdown leads to downward momentum escalating

  • BTC broke down of a critical short term support.
  • A knee-jerk spike down to sub $6k may happen.

Bitcoin, the cryptocurrency that was ruled out to have an ETF listed by the SEC in the gone week, has been heading lower ever since this news of no Bitcoin ETF was announced and has broken down of a critical short term support in the late Friday trading.

BTC/USD is down about 2 cents of a percent at $6,125 after hitting as low as $6,001, just around that psychological round figure mark. On the hourly chart, Bitcoin broke down of an ascending trendline support on late Friday evening and has been trading below it ever since.

Critical support now is placed around $6,000 and $5,900 zone while resistances are in the form of the very ascending trendline BTC broke down of, as well as another descending trendline, placed at $6,200 mark currently.

BTC/USD hourly chart:


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.