Bitcoin price analysis: BTC/USD back on course for $6000 area, as bears awaken from their rest
|- Bitcoin price on the back foot again, as bears look at sending the price to $6000 region.
- Key supporting zones range from $6500 down to $5000, market chatter suggests around these levels will observe institutional demand.
The Bitcoin price has been struck by the bears on Monday, down 1% in early trading, after a quiet past few sessions, which was not unexpected, given the intensity of the downside pressure in a short space of time. Across the board can see a cooling in prices for the cryptocurrency market, part of a stubborn trend, being the case for the past 4 weeks.
BTC/USD has really suffered since taking out vital areas of support, initially the long-running trend line, which gave way just above $9000, then a short-term ascending channel being breached at $8000. Bitcoin being forced to trade at the lowest levels seen in over a month, current price last seen in mid-April, as being the case for several the other major altcoins.
Looking technically, the bears are set to push Bitcoin back to the mid region of $6000, last traded here within the first couple of weeks in April. The key zones range from $6500 down to $5000, where much demand is seen, breaks below could be highly catastrophic. However, there is much expectation and chatter within the market to start seeing intuitional interest it these levels.
BTC/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.