Bitcoin price faces an imminent danger of falling below the $6000 price flow once again unless the Cryptocurrency recovers before the break of the new week. At the start of this weekend, the Bitcoin price tanked to $6,900 after briefly hovering above $7,000. Prices steadily followed the bears reducing to about $6,800 within the last 24hours alone.
Experts analysts last week explained that the $6,900 level was important for Bitcoin. One of the experts, Micheal Van de Popped in a tweet said if Bitcoin price drops below the $6,900 level a downward price movement could be kick-started. He continued saying the last support area for bulls lies around $6,750-6,800. He said Bitcoin displayed the first sign of weakness after losing the $7,200 price ceiling emphasizing that losing the $6,800 level would initiate another significant Bitcoin price reduction.
Traders still sigh
Last month Bitcoin dropped to merely $3,750 following the onset of the Coronavirus crisis. The Cryptocurrency managed to recover by more than 100 percent following the unprecedented price decline. However, recent trends indicate that Bitcoin could be in another reversal following the last price rally.
Bulls Struggling to maintain Trend against the Bears
In order for the bulls to successfully rally an attack to reverse the bearish trends, bulls need to struggle to regain the $7,000 price level. Once the bulls manage to consolidate price around $7,200, the bulls can experience far fewer resistance levels as the Bitcoin price rallies higher. A mere closure at $6,900 by the end of the week could spur and significant gain towards $7,200 at the beginning of next week. However, the bears still control the trend and once the price is dragged down to $5,800 a free fall towards $4,000 would become feasible.
Most of the global cryptocurrencies are linked to Bitcoin in one way or another. The price-performance of Bitcoin plays a significant role in determining the prices of other cryptocurrencies such as Ethereum and Bitcoin Cash. As price drops over the weekend, major Ether (ETH) lost 2.09%, Bitcoin Cash (BCH) shedding off 3.42% with most of the other small altcoins recording some percentage decline over the course of the weekend.