Home Analysis Bitcoin Mid-Week Analysis: Bears Further Tightens Grip on the Market

Bitcoin Mid-Week Analysis: Bears Further Tightens Grip on the Market

In the past 24 hrs, Bears have further strengthened their position in the market as the total market cap now hovers around the $275 billion level and is now stone throw-away from 2018 low. The market cap has gone down by over 8 per cent in last 24 hours and over 20 per cent since Coinrail hack was reported on 10th June.

Bitcoin has broken its major support levels at $6,800 and $6,600 level and is currently trading around the $6,400 level. Given the strong bearish sentiment in the market, we might witness some stronger wave of selling in due course of time. The next major support for BTC is placed at the $5,900 level and then at $5K level.

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The $6600 and $6800 level on the top will now act as a strong resistance level which was a major support level in the past, and breaking above these levels will help the market to reverse some bearish trend, but it will be very difficult in the current scenario. For traders, keep a close look at the market around its major support level to gauge the market sentiment. Also, short-term rallies in the market will attract more sellers and will hammer the prices further down.

Also read, what Binance CEO feels about the crash in Bitcoin’s price.

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