If a majority of market analysts are to be believed, the price of Bitcoin will remain on the defensive today. Not only that, it is also expected that in the coming few days, BTC can suffer further losses which may possibly plunge the value the crypto powerhouse under $6,000 once more.
Just over 24 hours ago, it was being seen as though Bitcoin was primed to make another good market run, but technical charts now seem to indicate that any indications of another bull run are over.
As things stand, the price of BTC lays around $6,440 which is not surprising– even though it is still low when compared to the currency’s 10-day moving average.
To elaborate further on this point, the value of the premier alt currency has dropped by nearly 5% since the weekend— when it touched a relative high of $6,839.
As things stand, BTC’s daily candle pattern has already surpassed its average level of $6,585. This basically means that a close below this level would eliminate any chances of a short-term market run.
It is also worth mentioning that the ‘relative strength index’ is showcasing signs of a bearish run in the coming few days and that the chances of BTC dropping below the $6,585 mark today remain relatively high.
While many experts continue to say that Bitcoin will drop further in value, it will be interesting to see how the future of the currency plays out, especially with institutional money now entering this domain.