RATE Group | Under Pressure: Bitcoin Price Could Defend $5.6K, Charts Say
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Under Pressure: Bitcoin Price Could Defend $5.6K, Charts Say

14 Aug Under Pressure: Bitcoin Price Could Defend $5.6K, Charts Say

Posted at 11:32h in Bitcoin News by

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Down two-thirds from its peak of $20,000, bitcoin (BTC) now risks printing fresh 2018 lows below $5,755.

The corrective rally seen over the weekend failed to penetrate a key rising trendline hurdle of $6,480 on Monday, allowing the bears to make a strong comeback.

As a result, the leading cryptocurrency fell below $6,000 (February low) and extended the slide to $5,859 earlier today – the lowest level since June 29 – according to Bitfinex data.

As of writing, BTC is changing hands at $6,032 – down 6 percent in the last 24 hours. Despite sharp losses, bitcoin is the fourth best-performing cryptocurrency among the top 100 cryptocurrencies by market capitalization, according to CoinMarketCap.

Other cryptocurrencies are reporting bigger losses. For instance, 92 out of top 100 cryptocurrencies by market capitalization have suffered double-digit losses on a 24-hour basis.

Further, the bitcoin dominance rate, a measure of BTC’s market share, jumped to an eight-month high of 53.7…

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