Bitcoin price is getting battered as if there’s no tomorrow. Following a huge red weekly candle closure, the benchmark crypto was crushed through another support zone in a plunge down to $6,600. BTC is now in a very dangerous territory which could result in a drop all the way back to $5k – here’s how.
Bitcoin Price Back in $6k Zone
When things turn south in crypto markets it happens in the blink of an eye. As positions get liquidated en masse, the short-selling avalanche gathers pace and that is exactly what has been going on over the past week.
The weekend saw bitcoin price take a breather and hold around the $7,200 level for a while but the bears came out again in force on Monday morning as BTC dumped to a six month low just above $6,600 according to Tradingview.com.
The RSI on the hourly chart is massively oversold so there may be a slight recovery here, but further losses are looking likely.
The digital asset is getting hammered hard with a 7% loss on the day, 22% pounding since the same time last Monday, and a 52% demolition since its 2019 high five months ago.
The failure of the weekly candle to close above $7k has analysts rattled and predictions of a fall below $6k are now starting to look like a harsh reality. Trader and analyst Josh Rager has eyed a support level for a bounce in the low $6k region;
“Funding still positive, so not overly bearish at this point as $6300s would be an eventual target here, the only question is does it bounce back up to high $7ks before or after the next drop,”
$BTC Weekly close
18% drop this week and currently trying to hang out to the $6800s
Funding still positive, so not overly bearish at this point as $6300s would be an eventual target here, the only question is does it bounce back up to high $7ks before or after the next drop pic.twitter.com/UkNj7kJT9W
— Josh Rager 📈 (@Josh_Rager) November 25, 2019
This takes into consideration the long spell of consolidation bitcoin had at the $6,400 level last year. This year…