- Bitcoin starts a fresh downtrend after failed attempts to break over $6,500
- BTC just broke below the $6k support mark
- Bitcoin needs to break over the $6,080 hurdle point to return to its previous levels
Bitcoin News Today – Bitcoin (BTC) has failed to stay over the $6k support mark and it just plunged by more than 5 percent against the U.S. dollar. The price of the digital currency is now showing some bearish signs and it could continue heading south.
Bitcoin (BTC) Breaks below the $6k Support
After a nice uptrend, the world’s most dominant digital currency struggled to amass traction over the $6,500 hurdle point against the US dollar. The digital currency made a few attempts to break over the $6,500 mark, but it failed. As a result of this, Bitcoin started a fresh downward trend below the $6,200 support mark and the 100 hourly simple moving average.
The price of the digital currency amassed bearish traction and traded below the $6k support mark. Bitcoin formed a new weekly low close to the $5,694 mark and the digital currency is currently consolidating losses. It is currently trading over the 23.6 percent Fibonacci retracement of the previous swing from the high of $6,471 to the low of $5,694.
Bitcoin (BTC) Price Today – BTC / USD
The digital currency has several resistances on the upside, and the immediate hurdle point is the $6k mark. The first major resistance is close to the $6,080 mark and the 100 hourly simple moving average. The 50 percent Fibonacci retracement level of the previous swing from the high of $6,471 to the low of $5,694 is close to the $6,080 mark.
More importantly, there is a formation of a major contracting triangle with support close to the $5,780 mark on the one-hour chart of the BTC/USD trading pair. Bitcoin (BTC) needs to break over the triangle resistance and $6,080 in order to move into the positive territory. Over that level, the next major resistance is close to the $6,200 mark, above which the bulls are likely to push the price of the digital currency back towards the $6,500 hurdle point in the near term.
Bitcoin Finds New Support
If BTC fails to break over the $6k and $6,080 hurdle points, it could continue to head south. If that happens, the immediate support of the digital currency is close to the $5,800 and $5,780 marks. A successful break below the triangle support and $5,700 may pave the way for more downward trends.
Below that level, the next major support for the digital currency is close to the $5,500 mark, below which the digital currency could continue its downtrend towards the $5,200 mark in the near term. However, the downtrends have slowed down, and the digital currency might start a slight recovery soon.