Bitcoin has continued to fall since yesterday’s month-end, falling 4% from the $ 6,500 that Bitcoin has mostly traded in over the past few hours to a low of just over $ 6,250.The downward movement started just eight minutes after the month’s close, which may indicate that market participants intended to hold the cryptocurrency above a certain price before the month’s close.
What’s next for Bitcoin?
Most analysts seem to be convinced that the recent downward move for the crypto market is not over yet. Although it’s not a concrete prediction in itself, Tyler Coates, a well-known crypto trader formerly known as “Financial Survivalism”, has released the chart below showing that Bitcoin is back in the $ 4,000 Could return if the brand reversed the price action that occurred from March 12-18.
Monthly candle closed above the key level
However, it is important that BTC closed the March candle just above the important technical level at $ 6,400. $ 6,400 is a crucial level from a long-term perspective, as BTC bottomed out there in December. In addition, the low $ 6,000 region was absolutely critical for Bitcoin during the bear market in 2018: the cryptocurrency bounced off several times in this region.