Bitcoin price analysis: Falls below $6,000 mark, hits 2018 low

Bitcoin falls below $6,000.
Hits fresh low of 2018.

Manoj B Rawal Independent Analyst

Bitcoin and all the other major cryptocurrencies continued to accelerate the fall as the digital currencies extended their bear market sell-off in a sign that there is more to come to this fall and any signs of revival are still far off.

BTC/USD is down about 5 percent at $5,880 and way below the round figure $6,000 mark. On the 360-minute chart, the price of the largest crypto is stuck in a downward sloping channel and has broken below the year's low of $5,896, which was hit in February.

Immediate support for the crypto is around $5,840 and strong support is placed at $5,555 which is BTC's November low. Strong resistance is placed around $6,200 mark.

BTC/USD 360-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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