Tanya Abrosimova
Independent Analyst
- BTC/USD slips under $6,400 amid increased bearish pressure.
- The Bloomberg Galaxy Crypto Index promises more pain for crypto bulls.
Bitcoin is changing hands at $6,380 at the time of writing. The digital coin No.1 has lost about 1% in recent 24 hours, despite a recovery from Thursday's low registered at $6,354.
While many cryptocurrency experts are saying that an unusually long period of cryptocurrency is coming to an end, the direction of the breakthrough remains a point of dispute.
Earlier we reported that Joey Krug from Pantera Capital expects 10-fold growth for bitcoin in the long-run, Mike Novogratz from Galaxy Digital Ventures says it will recover above $10,000 by the end of 2Q 2019, while Juniper experts believe that the industry is on the brink of implosion.
Read more:
Bitcoin bears set the ball rolling as BTC/USD slumps under $6,500
Bloomberg analysts seem to side with bearish camp, pointing out that the Bloomberg Galaxy Crypto Index is on the way to retest September lows, suggesting more losses for the biggest digital assets.
"The Bloomberg Galaxy Crypto Index has dropped 4.6 percent since its September high. Bitcoin, Ether, and XRP, which make up three-quarters of the nine-member index, have also slipped during that period. Overall, cryptocurrencies have erased more than $600 billion in market value from a January peak," the experts say.
Bitcoin's short-term technical picture
BTC/USD stays above the broken downside trendline that goes all the way down from July 25 high, which means that not all is lost for Bitcoin bulls as of yet. However, on a short-term timeframe, the picture is clouded as the price slipped under a critical $6,400 handle. If it fails to return to the previous range the downside momentum is likely to gain traction into the end of the week with the initial ail at $6,316-$6,300 (confluence of SMA50 4-hour, and the above-said trendline). Once below, the sell-off will extend towards $6,200 and possibly $6.060 (the recent low).
On the upside, a sustainable movement above $6,400 will take us to $6,479 with the next target at $6,600. This resistance limited the recovery since the end of September.
BTC/USD, 4-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
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.