Bitcoin price stability ousted: Massive drop threatens $6,000 support

The cryptocurrency market has resumed its beast mode. The current unexpected drop defies Binance CEO, Changpeng Zhao prediction that Bitcoin bull rally is around the corner and will happen “sooner or later,” read more on that story here.

Bitcoin (BTC) is leading the market in a bloody sudden drop on Wednesday. As discussed in an earlier published analysis, the decline streak started exactly a week ago. Bitcoin is down 0.97% while Ethereum is testing the strength of the support at $200. Ripple price, on the other hand, has recorded losses in terms of 2% on the day but still holding tight marginally above $0.50.

Consequently, Bitcoin has dived below the support at $6,200. There was a weak support holding the ground since yesterday at $6,250 but the overarching declines mercilessly butchered their way through. BTC/USD currently dances with $6,193 while testing the short-term support at $6,150. The bears have taken over almost entirely with the signal from the RSI buried in the oversold region. Moreover, the MACD, which was recovery towards the 0.0 mean line, has revamped altered direction and is heading south.

A broader look at the chart, we see that Bitcoin price is expected to stay below the bear trendline on the hour chart. In the short-term a support above $6,100 will allow the buyers to stage a recovery above $6,200 and later focus on $6,300. On the flipside, is another support is broken, Bitcoin value risks dropping to the major support at $5,800.