Tokens Record Losses as Major Cryptos Struggle; Bitcoin Stable at $6,500Was $5,800 the Bottom?
In previous reports, CCN noted that stability is the most important element in the price trend of Bitcoin that could lead and fuel the next mid-term rally in the global crypto market.
Initially, analysts described the recovery of Bitcoin from $5,800 to $6,300 as a short-term corrective rally initiated by traders due to massive oversold conditions recorded by the Bitcoin exchange market. But, BTC has continued to show stability in the $6,500 range since August 17, remaining in the $6,300 to $6,600 range for four consecutive days.
Bitcoin has tested the $6,000 support level three times in the past eight months but each time corrective rally was initiated, the price of Bitcoin almost immediately surged to resistance levels in the $7,000 and $8,000 region. This week’s corrective rally has seen BTC stabilizing in the mid-$6,000 range, unable to initiate large movements.
https://www.ccn.com/tokens-record-losses-as-major-cryptos-struggle-bitcoin-stable-at-6500/