Bitcoin price analysis: BTC/USD sees a slight recovery in the wake of the devastating crypto carnage

Bitcoin has made a very slight progress since the last published price analysis. The devastating declines today sent BTC/USD tumbling past critical support as the bears increased their appetite at the expense of the bulls who were literally defenseless. Before the crypto carnage painted the market red, Bitcoin was trading in a range with the upper limit at $6,600 and the lower limit at $6,400. In fact, the there was a bullish correction from yesterday’s short-term support at $6,440.

Bitcoin reclaimed it position above $6,500, although gains were capped below the moving averages (both the hourly 100SM and 50SMA). The sudden decline surged right from the opening of the session on Thursday 11. The sharp drop was so great that BTC/USD lost over 5% in less than an hour. Although several support areas caved it due to the selling pressure, Bitcoin saved the $6,000 support. It formed a low at $6,060 before the buyers entered to try and salvage the situation.

The ride to recovery has not been easy for Bitcoin Buyers and as things now, it will not get easier in the short-term. One thing the bulls have to do is to defend the reclaimed support at $6,200 which will allow then to gather the strength to attack higher levels starting with $6,300. BTC/USD is trading at $6,221while the prevailing trend is a bit bullish. The slight recovery is also signal by the MACD and confirmed by the DMI.