Bitcoin attempts to hold $ 6,000 against the backdrop of a 90% rally that could trigger a bigger price breakdown

Bitcoin (BTC) fell below $ 6,000 on March 21 after performing a strong rally of nearly $ 7,000.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

BTC price retraced to $ 6,000

Data from Coin360 and Cointelegraph Markets shows that the BTC / USD pair has dropped from nearly $ 7,000 on Saturday, the currency pair is currently hovering around the $ 6,000 mark in very volatile conditions.

The market fell to a low of $ 5,780 – marking a loss of about 12% in the past 24 hours, before rebounding.

Bitcoin 1 day price chart. Source: Coin360
Bitcoin 1 day price chart. Source: Coin360

As Toiyeubitcoin reported, Bitcoin's recovery in a short period of time is miraculous – since the coin hit a 15-day low of $ 3,700 last week, it has achieved an impressive 90% increase at some times.

Although still lower than the level before the corona virus hit the global financial system, Bitcoin has once again proved its value as an investment compared to other assets. Stocks are still affected by recent events, and even gold – a top safe haven, is not as profitable as Bitcoin.

However, in the future, the outlook seems unclear at the time of writing. For CoinTelegraph filbfilb analyst, BTC needs support at $ 6,400 to ensure the bull opportunity continues – something that ultimately didn't appear.

Van de Poppe: the possibility of a decrease is obvious

Meanwhile, according to analyst Michaël van de Poppe, Bitcoin needs to turn the $ 6,800 level back into support to avoid further losses.

“… I think it will take a long time to form a bottom due to world economic instability. Unless it breaks above $ 6,800 and turns this level into support, ”he wrote Twitter at the end of Saturday.

READ  Bitcoin plummets parabolic, why is preparation down to 6,400 dollars?

Earlier, veteran trader Tone Vays also issued a similar warning that Bitcoin could suffer new heavy losses at any time, especially in the near future of the halving event in May. Such an event could see Bitcoin drop to about $ 2,000, he predicted.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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