Bitcoin price analysis: BTC/USD hibernating at $6,110, waiting for fresh capital flows

Bitcoin and other cryptos are rangebound amid lack of drivers.
Bitcoin ETF can spark some excitement.

Tanya Abrosimova Independent Analyst

Bitcoin is changing hands at $6,111, mostly unchanged on a daily basis. Low trading volumes and weak trading activity keep the digital coins tied to support levels as the upside momentum requires some exciting drivers that will shake the market out of its gloomy mood.

Several prominent cryptocurrency experts believe that the sustainable correction on the market is not possible without significant growth in trading volumes and injection of some new form of capital. Bitcoin ETFs can serve the purpose, given that the US Securities and Exchange Commission (SEC) approves them.

Bitcoin technical picture

BTC/USD stays within a bearish channel with the upper line currently at $6,250. It is created by Andrew's pitchfork upper line, which served as a strong resistance since the beginning of May. Once it is broken, the next critical point of $6,483 (April's low) will come into focus. On the downside, the immediate support comes at $6,000 and followed by a stronger Sunday's low at $5,777.

BTC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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