Although the volume of Bitcoin remains above $4.4 billion, up more than 46 percent from earlier this month when the daily trading volume of the dominant cryptocurrency averaged at around $3 billion, BTC is struggling to sustain momentum in the mid-$6,000 region.
By recording two constant price chart in the last 24 hours, the price of Bitcoin has fallen from around $6,400 to $6,300.
“Looking for $6,275 at least on this slow bleed, ideally seeing a try to the upside after. Resistance at $6,375 region continuing to hold us back on several time frames. Supports at $6,000, $6,200, & $6,275. Resistances above $6,450, $6,650 & $7,400,”
In the short- term, it is highly likely for BTC to retest the $6,200 region unless it swiftly bounces above the $6,450. Given the stability in the crypto market at the $211 billion marks, a breakout above the $6,450 mark within the next 24 to 48 hours is not likely.
What if the Bitcoin will go down more than $2,000? This question arises in everybody’s mind what if the Bitcoin would drop more down, If BTC drops below the $6,300 mark and makes its way towards the $6,100 to $6,200 range, tokens are expected to suffer from short-term downtrend, especially during a period in which the U.S. Securities and Exchange Commission (SEC) is actively cracking down on initial coin offering (ICO) projects considered as security offerings.
“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now”
In even low market cap cryptocurrencies have started to show a lack of correlation with BTC, possibly because of poor market conditions.