Bitcoin price analysis: BTC/USD rejuvenated bears set eyes on $6,400

  • 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


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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Predictions: Bitcoin bull Tom Lee says 2020 will be positive for BTC

Bitcoin (BTC) has lost nearly 6% of its value during recent seven days and hit the low of $8,217 on Friday. At the time of writing, BTC/USD is changing hands at $8,330 with the short-term recovery capped by SMA50 1-hour at $8,370. 

More Bitcoin News

Tron's Price Analysis: TRX/USD may recover towards $0.0171

TRON's TRX, now the 12th largest digital asset with the current market value of $1 billion, has lost about 1.5% in recent 24 hours. The coin has been moving in sync with the market amid growing bearish sentiments. Tron's 7-day volatility peaked at ...

More TRON news

LTC/USD recovery stalled as Charlie Lee mulls the idea of miners' donations

At the time of writing, LTC/USD is changing hands at $53.20, down nearly 2% since the beginning of the day. The seventh larges digital asset with the current market value of $4.3 billion has been moving within a short-term bearish trend amid low volatility. 

More Litecoin News

Cryptocurrency Market Update: Bitcoin locked in a range after volatile week

The cryptocurrency market has been moving sideways with bullish bias during early Asian hours on Sunday. Saturday's sell-off did not yield into a big move and several altcoins reversed from support levels and attempted recovery. The cryptocurrency market capitalization edged to ...

More Cryptocurrencies News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast