The price of Bitcoin recovered slightly after trading at $6,249 against the US Dollar. There is, however, some bearish movement forming and you should keep an eye on the hourly chart because the BTC/USD pair is likely to face some selling interest near the $6.500 resistance level.
On September 6th, Bitcoin went through a major decline from the $7,000 level in its price against the US Dollar. The pair traded near the $6.250. However, later in the day, the price showed some upward steps and corrected above the $6,400 level. The price is facing some resistance near the $6,500 level. It is possible that Bitcoin will correct even further but it may possibly have a little struggle to break the $6,620 point. If this happens and Bitcoin breaks this price point, there might be even more losses.
The opinions on what started this BTC/USD correction are divided, but somehow the larger part of strategists believes that Goldman Sachs’ decision to halt the planned crypto desk over regulatory issues caused the latest correction. Others think that this isn’t a good enough factor for a market that is in a massive bearish formation for a long time.
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Bitcoin is attempting an upside correction and it is targeting 6500-fiat. If we saw a break below this support point, we could enter in the downside target of 6150 and we would still be in a bearish correction.
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