Bitcoin price analysis: BTC/USD back on course for $6000 area, as bears awaken from their rest

Bitcoin price on the back foot again, as bears look at sending the price to $6000 region.
Key supporting zones range from $6500 down to $5000, market chatter suggests around these levels will observe institutional demand.

Ken Chigbo Independent Analyst

The Bitcoin price has been struck by the bears on Monday, down 1% in early trading, after a quiet past few sessions, which was not unexpected, given the intensity of the downside pressure in a short space of time. Across the board can see a cooling in prices for the cryptocurrency market, part of a stubborn trend, being the case for the past 4 weeks.

BTC/USD has really suffered since taking out vital areas of support, initially the long-running trend line, which gave way just above $9000, then a short-term ascending channel being breached at $8000. Bitcoin being forced to trade at the lowest levels seen in over a month, current price last seen in mid-April, as being the case for several the other major altcoins.

Looking technically, the bears are set to push Bitcoin back to the mid region of $6000, last traded here within the first couple of weeks in April. The key zones range from $6500 down to $5000, where much demand is seen, breaks below could be highly catastrophic. However, there is much expectation and chatter within the market to start seeing intuitional interest it these levels.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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