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Bitcoin falls below $6,100 – is another sell-off coming?

  • Bitcoin has dropped from $6,700 within the last 12 hours to below $6,100 within a few minutes, but has stabilized again to $6,300.
  • Analysts see a strong resistance along the $7,000 mark, which BTC will have to overcome in order to continue rising.

Bitcoin fell from $6,700 to $6,100 for a short time in just a few minutes tonight, but was able to fight its way back to $6,268. Within the last 24 hours, the BTC price has thus lost more than 6% and continues to show high volatility that does not seem to be abating.

Experienced Bitcoin trader and analyst Josh Rager describes that Bitcoin shows great volatility and therefore many entry opportunities for traders. A strong setup would result if BTC can break through the $7,000 mark. However, Bitcoin must first attract new buyers before this scenario can be tackled again.

The prestigious trader “DonAlt” shared a chart with the community on Twitter that shows Bitcoin price movements similar to last night. Bitcoin had already bounced off important horizontal resistances in February and March, and the price dropped sharply within minutes. DonAlt describes that if Bitcoin continues its current trend, it will again test the $7,000 mark. If Bitcoin cannot overcome the important resistance, the price could drop to the local 14-day low of $3,800.

Analyst “Crypto Cactus” states that the current trend is a bearish sign for BTC and Bitcoin has again bounced off this important resistance. In his opinion Bitcoin will continue to fall in the next few days and lead to losses in the market.

Whether Bitcoin will live up to its reputation as digital gold and can decouple itself from the stock market remains to be seen. Currently, the traditional markets are showing a similar trend, with the Dow Jones closing 915 points down, the S&P500 3.37% and the Nasdaq 3.79% down.

The Altcoin market is currently following Bitcoin’s trend, with Ethereum falling by 5.79% to $129.70, LTC by 5.93% to $38.04 and BCH by 8% to $210.58. In addition to tether, XRP was able to defy the crash with a sideways movement (- 0.09 %) to a price of $0.17.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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