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Is Bitcoin supported in the $ 6,000 range?

The price of Bitcoin has fallen sharply since Sunday, fluctuating between $ 6,600 and $ 6,900, depending on the current price of the digital currency site.

In the past few hours, however, the price of Bitcoin has been even lower than this period, reaching 6,450; At the time of writing, the price of Bitcoin is about $ 6,550.

Investing in the digital currency market is very risky and exciting, and anyone entering the market should consider that they may lose all their capital.

When asked by market analyst David Johnson, “Can a bit be fixed above $ 6,000?” We came across this answer:

Given the record of previous price declines, there is no significant reason to support a price between 6,000 and 6,600; Of course, from a psychological point of view, the price of $ 6,000 is important, but it can not stop the price from falling.

Liquidity vacuum in the digital currency market

At a time when bitcoin is in a tight spot and prices are hovering, activity in the digital currency market is moving in the dark and hopeless.

According to Coinmarketcap, the market has traded at $ 5 billion in the last 24 months alone. Regarding the decrease in market volume, Mati Greenspan, one of the analysts in this field, said:

Bitcoin is in a liquidity vacuum; Because of this, Bitcoin could not be supported in the $ 7,100 price range.

Since the bitcoin market is struggling with low trading volumes; The possibility of damage and price fluctuations by whales and large companies is very high.

The analyst also added:

When the market volume is only $ 5 billion, then it has a very high potential to become a toy. However, any actors behind this are taking a lot of risks as the CTFT is investigating bitcoin price manipulation.

The key role of emotions in the market

Analysts have always acknowledged that changes in market sentiment could reverse Bitcoin’s current downward trend; That is why many traders are standing by the square and waiting for this change to enter the market.

“Greenspan said about this:

If the market is positive, it will not take much effort to reach the highest possible level.

He also stated that he has invested in digital currencies such as Bitcoin, Ethereum and Bitcoin.


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