Bitcoin Price Analysis: BTC/USD succumbs another thud eyeing $5,000

  • Bitcoin price recovery stalls under $6,000, leaving a gap for sellers to explore.
  • Technical analysis suggests that Bitcoin could settle for a sideways action in the coming sessions.

Bitcoin bears are actively taking back control, forcing Bitcoin to bow down to fresh weekend losses. The digital asset with a market capitalization of $99 billion, according to the data by CoinMarketCap has corrected 3.38% lower on the day. BTC/USD is teetering at $5,443 after adjusting lower from $5,664 (intraday high).

The bearish comeback has also broken below a short term trendline support. Besides, BTC remains vulnerable to losses as long as it stays under the moving averages on the hourly chart. The 50 SMA is holding a resistant front at $5,694 while the 100 SMA is positioned at $6,774.

Looking at BTC/USD from a technical angle, one can tell that that stability is likely to take over amid signs of consolidation. For instance, the RSI is moving horizontally at 50 (average range) while the MACD confirms the sideways action as it levels marginally under the mean line (0.0).

In spite of the possible sideways action in the current session, Bitcoin is still under great risk of dropping to levels close to $5,000. On Friday, Bitcoin tanked under $4,000 before finding support at $3,864. The inability to sustain steady uptrend hints a possible breakdown towards $3,000 (below the lows traded in 2018 around $3,150).

BTC/USD 1-hour chart

BTC/USD price chart

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