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Bitcoin (BTC) Bulls Have to Hold This Key Price Level to Prevent Another Major Drop

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Sat, 03/21/2020 - 18:10
Alex Dovbnya
The Bitcoin (BTC) price could record another huge drop if it fails to hold this important level
Cover image via stock.adobe.com
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The cryptocurrency market continues to see a lot of indecision as bulls and bears continue to wrestle over control. However, if Bitcoin breaks below $6,000 once again, the latter could score a resounding victory

Related
Bitcoin (BTC) Price Expected to Retest $4,800 Before Surging to $6,000

Playing tug-of-war

Trader Big Cheds recently tweeted that the bulls were 'working hard' to hold the $6,000 level. The top coin is currently changing hands at $6,139 at press time. 

The bears did manage to push the price lower on multiple occasions today, but they are yet to get behind the wheel. 

Related
Bitcoin (BTC) Price Is Still Going to Reach New All-Time High, Says Top BitMEX Trader

Back to $4k?

If the BTC price breaks below the above-mentioned once again, it will most probably resume its downtrend, according to trader Cred. After that, he expects the orange coin to be stuck within its previous intraday range. 

As reported by U.Today, BTC rocketed to nearly $7,000 on March 20, but this move was followed by a 20 percent pullback. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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