- Bitcoin bears target $6,400 amid increasing selling activity.
- The bulls are banking on $6,800 support to hold marking a credible recovery stepping stone.
Bitcoin has since Friday last week led the marker in a gain-shuttering exercise. The bubble that investors believed in, that Bitcoin will stay above $8,000 burst and this time, the fall has been massive. The previous support at $7,300 failed to hold leaving $7,000 vulnerable to losses. Bitcoin explored levels below $7,000 over the weekend session to the extent of forming a low at $6,787.
The recovery staged above $7,000 was more of a reflex reaction to extreme losses. However, $7,500 remained unconquered. Moreover, BTC is back to trading below $7,000 amid a developing bearish momentum.
If the support at $6,800 fails to hold, Bitcoin could plunge lower to $6,400 (a key support during 2018’s downtrend). The gap between the 50 SMA and the 100 SMA continues to increase which suggests a tighter bearish grip. The RSI is stuck in the red (oversold region) and signals that Bitcoin declines are still unstoppable.
BTC/USD 4-hour chart
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