Bitcoin Sheds 10% After Rejection At $6,800, Where Next For BTC Price?

Bitcoin Sheds 10% After Rejection At $6,800, Where Next For BTC Price?
фото показано с : zycrypto.com

2020-3-22 15:28

This week the crypto market was thrown a lifeline. After weeks of setting a bearish trend, the market bust out. Starting Wednesday, the top coin Bitcoin climbed from $5,200 to reach its recent high of $6,800 on Friday. Although the momentum looked liked it would see Bitcoin cross over $7K, the bulls failed. This rejection saw  Bitcoin retrace to the $6,200 levels by late Friday.

Although previously, the weekends have seen little price action, Bitcoin has continued to fall. At the time of press, Bitcoin has slipped further below $6,200 losing over 10%. At this current trajectory, Bitcoin is set to slip below $6K in the next few hours.

With it, the entire market has fallen in the red zone. Top coins like Ethereum, XRP, Tron, Litecoin and Bitcoin Cash are down by more than 10% which has seen over $15B wiped out.

Once the $6K support is breached, Bitcoin is expected to extend fall to the $5,800 levels as it looks for midterm support. Long term support remains above $5K, where it spent considerable time during the recent bear phase.

An extension of the bull phase remains feasible. Bitcoin is set for a major boost following the announcement by the U.S and U.K this week of cash handouts to every household. This will help ease the economic impact inflicted on employees put out of work due to the Coronavirus pandemic.

Trigger For Surge To $7K

The U.S has announced it will be handing out $1,000. U.K PM Boris Johnson has also stated his administration is also considering handing out around the same amount to every worker and business affected by the pandemic.

Japan is also weighing handouts of at least 12,000 yen ($109) per person according to CNN while Australia is giving $434 to pensioners.

As investors continue to look for a safe haven to protect themselves from inflation, some of this money will make it to the crypto market starting with Bitcoin. This could offer the much-needed boost to see Bitcoin surge and climb over $7K.

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market bitcoin wednesday out bust coin starting

market bitcoin → Результатов: 126


Bitcoin, Cardano, XRP Among Biggest Winners as Market Rebounds – Next Big Players in the Market?

After a $20,000 loss in its price between February 21st and 28th, Bitcoin (BTC) managed to recover yesterday, soaring beyond the $94,000 mark. Led by Bitcoin’s example, numerous altcoins also The post Bitcoin, Cardano, XRP Among Biggest Winners as Market Rebounds – Next Big Players in the Market? appeared first on CryptoNinjas.

2025-3-3 19:23


Фото:

Margin Of Safety Indicates Bitcoin Undervaluation Below $90K Amid Prevailing Market Pessimism

Bitcoin showed unpredictable price action yesterday, plummeting to a low of $89,100 before staging a rapid recovery to reclaim the $96,000 mark. This sharp move is often seen as a liquidity sweep orchestrated by market makers to clear out leveraged positions, a tactic that fuels short-term volatility but strengthens the market’s long-term structure. Related Reading: […]

2025-1-15 11:30


BlockDAG Leads with $150M Presale as Crypto Market Tops $3.1T, Bitcoin ETFs and Ethereum Price Grow

The cryptocurrency market has soared, reaching a new pinnacle with a total market capitalization of $3. 13 trillion, establishing the sector as a formidable economic force. This surge reflects in the growing appeal of Bitcoin ETFs, which have seen unprecedented inflows, while Ethereum (ETH) sets its sights on managing $10 billion in assets.

2024-11-25 04:00


Bitcoin’s Big Week: Election, FOMC Meeting, And Strong Signs Of A Bull Market

As the market faces one of its most volatile weeks—amid the U.S. election and the Federal Open Market Committee (FOMC) meeting—Bitcoin appears primed for a lasting rally. Historically, major bull runs have followed post-election periods, and analysts are optimistic about Bitcoin’s potential, forecasting it could hit $100,000 by year’s end, […]

2024-11-5 08:22


Bitcoin’s (BTC) Bullish Patterns Emerge: Is a Market Super Cycle on the Horizon? Pay Attention to These Metrics

Bitcoin’s trading pattern lately reveals a consistent sideways movement, with fluctuations between $60,000 and $72,000. This trend, as highlighted by top cryptocurrency analyst Doctor Profit via a tweet on X, mirrors historical market behaviors that have typically preceded significant price increases.

2024-4-29 09:30