Bitcoin once again set itself in the $ 6,000 area, yesterday at $ 6,900; caught in a side-by-side trade, approaching the heels of the upward movement rising up to.
It is important to note that at the time following this rally, BTC made multiple attempts to overcome the current resistance at this level, and each of them was firmly rejected.
This pointed out that multiple analysts could have a major collapse soon and potentially cause the largest crypto in the market to decline towards its annual lows.
Bitcoin Enters Another Consolidation Stage as Heavy Resistance Assemblies
At the time of writing, Bitcoin is marginally Current price There is a slight drop in the $ 6,900 high, which is set earlier this morning, at $ 6,900.
Offers to enter the $ 7,000 zone were met with intense selling pressure, the rejection seen earlier here this morning marks the third crypto saw around this price over the past day.
The denial here made Michaël van de Poppe, a popular cryptocurrency trader and analyst on Twitter, expected to follow his followers to see a sharp move up to $ 4,800 in the near term.
“Bitcoin: Here is a quick rejection of $ 6,900. Nevertheless, there may be some hanging around this area. If I go above $ 6,650, I hope I will touch another $ 6,900-7,000 area. However, all-in-one expects $ 5,400 and $ 4,800 to be tested in the coming period. ”
A quick rejection of $ 6,900.
Nevertheless, there may be some hanging around this area. If we go above $ 6,650, $ 6,900-7,000 I am waiting for another area.
However, all-in-one expects to be tested $ 5,400 and $ 4,800 in the coming period. pic.twitter.com/2eiahueado
– Crypto Michaël (@cryptoMichNL) March 25, 2020
Macro Market Structure of BTC with Symptoms of Breakdown
This short-term technical weakness began to show signs of weakness in Bitcoin's macro market structure.
Another popular analyst, Jonny Moe, told his followers that he expected patience to collapse from an increased wedge that crypto had been building for the past few weeks.
“I'm still watching, I'm waiting. Of course it looks like we are approaching. Note the decreasing volume profile. "
I'm still watching, I'm waiting. Of course it looks like we are approaching.
– Jonny Moe @JonnyMoeTrades photos and videos on Instagram March 25, 2020
The pattern referred to above tends to decline considerably and can open doors considerably negatively after registering a confirmed fault below the BTC lower limit.
Also, Bitcoin's decreasing volume profile shows that crypto is accelerating to make a big move. Considering this combination of factors that prefer the month, the next move is likely to support sellers.
Featured image from Shutterstock.