Bitcoin price analysis: BTC/USD escaped the range to explore bearish territory; April's low at $6,464 in sight
|- Bitcoin lost ground amid major cryptocurrency sell-off.
- Move below $6,464 will expose 2018 low.
A period of peaceful consolidation ended with an epic crash that took Bitcoin below $7,000 and shifted focus from recovery attempts to April lows registered at $6,464. BTC/USD is now changing hands at $6,780, down 7% on daily basis and mostly unchanged since the beginning of Monday.
Read more about cryptocurrency market sell-off
While big crypto enthusiasts Like John MacAffee and Tom Lee still believe that the downside is temporary, many retail investors are less optimistic. According to Pension Partners, the digital coin No. 1 haven't refreshed maximums for 173 days, while 300day volatility measure dropped to 52%, which is the lowest level since the beginning of 2018.
Consecutive lower peaks visible on the daily chart also look worrisome, suggesting that more downside may be in store. From the longer-term point of view, $6,464 is critical. If this support gives in, the sell-off may be extended towards $6,000 and to 2018' low at $5,873. On the upside, a sustainable movement above $8,000 is needed to mitigate bearish pressure.
On the intraday level, the local support is seen at $6,680, followed by Sunday's low at $6,652. ahead of the above-mentioned $6,464. The upside is capped by 50-SMA (30-min chart) at $7,000 and 100-SMA at $7,280.
BTC/USD, the 30-min 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.