- Bitcoin is still in danger and a slide below $6,200 is imminent if the sellers break the $6,200 support.
- The upside is laced with multiple hurdles at $6,300, $6,400 and the medium-term ultimate resistance at $6,600.
Bitcoin price has recovered from the monthly low traded over the weekend. However, the trend is still in the favor of the bears who are not ready to give up control any time soon. The buyers pulled back the price above $6,400 on Sunday 9 but they lost momentum allowing the sellers to cancel the gains towards $6,200. Since the week began, upside movement has been limited below $6,400 while the downside has been protected by the bullish trendline (15-minutes chart).
The market dominance of Bitcoin has continued to rise amid the crashing crypto prices. At present, it is at 56% (the highest in 9-months) according to CoinMarketCap. Its market capitalization is at $109 billion while the total market cap is $195 billion. The trading volume is rising again after the drop to $3.6 billion on Sunday 9 from $5.8 billion on September
Bitcoin has broken below the trendline support at $6,300 and the buyers are battling to prevent further breakdown towards $6,200. The 50% Fib level will also offer support close to $6,275 but a drop below $6,250 could test the recent lows slightly above $6,100. On the upside, the 200SMA and the 50SMA are limiting gains at $6,311.69 and $6,315.17.
A break above $6,400 (upper supply zone) could open the door for more retracement heading to $6,500 and $6,600. The current trend is, however, strongly bearish and the battle is a survival for the fittest. Technical levels are in play at the moment and buyers must not allow a break below $6,200 as a slide below $6,000 will be imminent.
BTC/USD 15’ chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.