Bitcoin Price Analysis: Bitcoin Slips To $6500 After Losing 5% In 24-Hours

16 April 2020 | Updated: 16 April 2020

• Bitcoin continued to maintain lower lows and lower highs in an hourly descending channel
• Bitcoin recovered back following a 5% drop to $6500 mark, but bearish correction remains valid

After Bitcoin got rejected around $6980 resistance yesterday, the price continued to show weakness following a 5% drop to reach $6500 earlier today. Now, Bitcoin has recovered slightly back above $6000 after a breakdown. The bearish pressure would continue if the price drops below $6500. If this price level holds, Bitcoin is expected to resume an uptrend.

Key resistance levels: $7000, $7191, $7450
Key support levels: $6400, $6200, $5880

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Bitcoin’s selling volume is looking a bit low on the daily chart as price a slowly drops. Despite that, Bitcoin had lost almost $1000 in a week. As it appeared now, the market is still under correction with a current trading price of $6691. However, buyers may regain control if they can regroup above the white descending line.

BTCUSD, Daily Chart – April 16

In case Bitcoin resumes selling below $6500 support, initial support to watch is $6400, followed by $6200 and possibly $5880 where the grey horizontal line lies. From above, Bitcoin’s first line of resistance is $7000. The next is $7191 followed by $7450 resistance, from where correction started last week.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin is still respecting the descending channel on the hourly chart. Yesterday, after facing tough resistance around $6900 – $7000 area, Bitcoin’s price dropped steadily to the lower boundary – $6500 today. A small recovery has brought BTC back to $6654.

BTCUSD, Hourly – April 16

If the buyers continue to push higher, Bitcoin may climb to the red supply area of$6800. Above this area lies $6900, around the channel’s resistance. On the downside, Bitcoin is still relying on $6500 support. A drive below this support could send Bitcoin to $6400 and $6200, below the channel. However, Bitcoin would remain bearish as long as price respects this channel.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.