Yesterday’s Bitcoin news showed that the most dominant cryptocurrency out there, Bitcoin, was trading at $6,500. One day later, however, we can see that Bitcoin has corrected to a price of $6,400 which is about $100 lower than its optimal level.
The highlighted key bullish trend line that had a support at $6,445 yesterday was breached, showing that Bitcoin is not stable and is now trading at a major infection point. Currently, analysts predict that BTC/USD has a support point at $6,375 – after failing to stay or even break through the $6,500 margin.
At the moment, the price of Bitcoin is consolidating a little above the $6,375 level and if buyers reappear, it may test the previous support at $6,440 and the 100 hourly SMA. Looking at the current chart, there may be a few hours (or days) before the next move.
Analysts expect that Bitcoin may test the $6,500 price again in the near term – but are also afraid that it may go back to $6,300 with a new major correction.
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