Three days ago we wrote: “The support level to look at is the $7,000 support. We’ve been there 2 weeks ago (May 29). Breaking down will probably lead a move to $6,600 support area.” Unfortunate to Bitcoin, the way to $6,600 support zone was quick as expected. The last days were very painful for the crypto markets, the market cap dropped below 300 Billion and the sentiment is very negative.
As seen on the chart, Bitcoin stopped at support level at $6,400 which is the low of April 1st. Breaking it down will probably send a quick drop to re-test the 2018 low at $5,900. Not much more to say. The volume down was huge, what can tell a heavy seller is clearing his bags. From the bull side, the $6800 support turned resistance and $7,300 are the levels to keep an eye on.
BTC/USD BitFinex 4 Hours chart