Bitcoin briefly dropped below $6000

On Tuesday сryptocurrency market decline continued. Yesterday bitcoin fell below the psychological mark of $6000 for the first time since February 2018. The market made new lows of the day at $5949, and the day close occurred at $6013.

Market visited these levels just before the historic rally, when price briefly entered the $20000 zone for one digital coin.

Today, trading began with the growth of the digital currency. The market recovered quite quickly from yesterday's losses and was able to grow to the level of the first tactical resistance – the area $6245 - $6260. Thus, the market is now in a narrow consolidation channel: $6245 - $6000.

The further development of the situation is difficult to predict, or rather, there is very little chance that the market will move up from here in the coming trading days. Of course, the current market levels are unique for long-term entry, there is also some certainty that the market will not fall below the current support zone. However, until the volumes start to increase it is premature to speak the medium-term downward trend. Today, the capitalization of the entire digital market amounted to 253 billion, just above the support level of $250 billion. The capitalization of the bitcoin was 106 billion dollars 572 million.

FortFS