Home / Crypto Currency / Newsflash: Bitcoin Price Slips Below Crucial $6,800 Support Level

Newsflash: Bitcoin Price Slips Below Crucial $6,800 Support Level


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The worst does not appear to be over for the bitcoin price, as the flagship cryptocurrency on Tuesday slipped below $6,800, a mark that many analysts had pegged as a critical support level for BTC’s short-term prospects.

Bitcoin had spent the majority of the day trading above the $7,000 mark. However, as CCN reported, the market has been plagued by low volume in recent days, which is often an indication of a short-term bearish trend.

At 19:30 UTC, the bitcoin price took a major downward pivot, falling from $7,100 to $6,900 in less than 45 minutes. At that point, BTC/USD began to test the $6,800 level, which professional traders such as Bart Smith of Susquehanna International Group had identified as a critical level that bitcoin must hold if it hopes to reenter a bullish uptrend.

bitcoin price
BTC/USD | Bitfinex

It’s not the first time in recent days that bitcoin has flirted with that mark, but this time the support gave out, and the bitcoin price plunged as low as $6,677 on Bitfinex before recovering to a present value of $6,731 as of 21:38 UTC. Nevertheless, now that support at $6,800 has broken, it may be the case that bitcoin has not, in fact, found its 2018 bottom.

Click here for a real-time bitcoin price chart or here to read CCN’s latest BTCUSD intraday analysis.

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Bitcoin Price Watch: BTC/USD Buyers Losing Grip Below $6,500?

Key Points Bitcoin price is still struggling to clear the key $6,520 resistance zone against the US Dollar. There is an important bullish trend line in place with support at $6,430 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is currently at a risk of a bearish reaction towards the $6,400 or $6,340 support levels. Bitcoin price is slowly moving into a bearish zone below $6,480 against the US Dollar. BTC/USD could extend the current dip towards $6,340 if buyers lose control. Bitcoin Price Analysis There was an increase in selling pressure noted below the $6,500 and $6,480 levels in bitcoin price against the US Dollar. The BTC/USD pair struggled continuously to break the $6,500 and $6,520 resistance levels. As a result, there was a slight bearish reaction and the price declined below the $6,450 level. It seems like the price failed to settle above the 23.6% Fib retracement level of the previous decline from the $6,828 high to $6,350 swing low. More importantly, there is a contracting range forming with support at $6,430 and resistance near $6,490. Additionally, there is a crucial bullish trend line in place with support at $6,430 on the hourly chart of the BTC/USD pair. Therefore, if the price breaks the trend line support and $6,410, it could drop towards the $6,380 level and the 100 hourly simple moving average. Below the 100 hourly SMA, the next key support is at $6,280 (the previous resistance). On the flip side, a break above the $6,500 and $6,520 resistance levels could push the price towards $6,590. Looking at the chart, bitcoin price may continue to trade in a tight range before it either climbs above $6,500 or breaks the $6,430 support in the near term. Looking at the technical indicators: Hourly MACD – The MACD for BTC/USD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI has moved below the 30 level. Major Support Level – $6,400 Major Resistance Level – $6,500 The post Bitcoin Price Watch: BTC/USD Buyers Losing Grip Below $6,500? appeared first on NewsBTC.

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