RATE Group | Bitcoin Price to Bottom at $5,700 in Short-Term Before Recovery: Analyst
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Bitcoin Price to Bottom at $5,700 in Short-Term Before Recovery: Analyst

27 May Bitcoin Price to Bottom at $5,700 in Short-Term Before Recovery: Analyst

Posted at 19:07h in Bitcoin News by

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Willy Woo, a respected cryptocurrency, and digital asset analyst, recently stated that the bitcoin price might likely fall below the $6,000 mark in the short-term.

Recent Market Struggles

Since mid-May, ever since the bitcoin price failed to test a major support level at $10,000, the cryptocurrency market has been on a continuous decline. The vast majority of tokens and small cryptocurrencies have followed the price trend of bitcoin and Ethereum. On both the upside and downside, the price movement of tokens intensified, recording larger drops than bitcoin during minor corrections.

On May 25, Woo noted that the bitcoin price would likely dip below the $6,000 level and test $5,500 to $5,700 as a long-term support level. In previous reports, CCN noted that the $6,500 mark is an important resistance level which bitcoin has been able to bounce off of since early January.

In the short-term, it is likely that bitcoin falls below $7,000 and test the $6,500 resistance level and the failure to…

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