The price of Bitcoin settled in the region of $ 5,600, after one of the deepest landslides. Digital coin number 1 has lost more than 11.6% of its value over the past 8 days. Bitcoin’s market capitalization is $ 97.6 billion, the lowest level since October 28, 2017.
Both from a technical and psychological point of view, the coin should rise above $ 6,000 as soon as possible in order to soften bearish sentiment. The longer the BTC stays below this level, the greater the likelihood that the sale will continue.
Rob Slamer, technical analyst at Fundstart Global Advisors, claims that the next major support will be at $ 5,000. If the price reaches this level, long-term investors or so-called hodlers may be interested. These connoisseurs of BTC claim that they will stick to their investments, no matter what, but a long sale may make them change their mind.
Currently, BTC / USD remains in the oversold territory, although the relative strength index (RSI) is flat with no signs of a reversal.
And what do you think about this?