- Bitcoin fails to break the $7k resistance and starts a fresh downtrend
- Bitcoin breaks below the major $6,500 support level
- BTC bulls need to hold gains over the $6k mark to prevent further losses
Bitcoin News Today – Bitcoin (BTC) has been rejected at the $7k hurdle point and plunged below the $6,500 mark against the U.S. dollar. However, Bitcoin is likely to bounce back provided it remains over the $6k support mark and the 100 simple moving average. At press time, BTC is hovering around the $6,200 mark.
Bitcoin Is Heading Towards a Vital Support
Over the past week, the world’s largest digital currency by market cap has been struggling to amass momentum over the $6,880 and $7k hurdle points against the U.S. dollar. The price of the digital currency topped out close to the $6,982 mark and it recently started a fresh downtrend. It even broke below the major $6,500 support zone to start a substantial downtrend.
Besides, there was a break below a key bullish trend line with support close to the $6,620 mark on the 4-hour chart of the BTC/USD trading pair. The price of the digital currency even plunged below the $6,200 support zone and traded close to the $6k area.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin formed a new weekly low close to the $6,048 mark and the price of the digital currency is currently consolidating losses. On the upside, the immediate hurdle for the coin is close to the $6,270 mark since it is near the 23.6 percent Fibonacci retracement level of the previous swing from the high of $6,982 to the low of $6,048.
On the downside, Bitcoin (BTC) has several crucial supports close to the $6,050 and $6k marks. However, the major support for the digital currency is close to the $5,950 mark and the 100 hourly simple moving average. If the digital currency fails to remain over the 100 simple moving average, chances are it would start another downtrend below the $5,800 mark.
If that happens, the next support of the digital currency would be close to the $5,750 mark, below which the price of Bitcoin (BTC) is likely to plunge towards the $5,500 mark.
Can BTC Bulls Prevent Loses below $6k?
The major support of BTC is forming close to the $6k mark and the 100 simple moving average. If the price of the digital currency remains over the 100 simple moving average, chances are it might start a fresh rally over the $6,300 mark. The next hurdle is close to the $6,500 zone, which is the recent breakdown support.
The 50 percent Fibonacci retracement level of the previous swing from the high of $6,982 to the low of $6,048 is also close to $6,515. Hence, a successful break over the $6,500 hurdle point will pave the way for more gains towards the $6,800 and $7k hurdle points.