Bitcoin likely to retrace after a fake breakout above $6,500.

The price of the leading cryptocurrency bitcoin surged above the key level of $6,500-$6700. However, the price of bitcoin is likely to retrace back to $5,000 in the coming days.

According to crypto analyst Moiseiev Yurii, bitcoin is still holding daily support at $5,000, and the price is likely to retrace back after a fake breakout above $6,500 on Tuesday. Financial markets all over the world are crashing amid the global pandemic as governments announce stimulus packages to revive the economy. If you are a serious crypto trader, then using platforms like Cryptopanic can help you keep updated with the crypto industry in real-time.  

 

Bitcoin makes a fake breakout above $6,500.

According to the crypto analyst, Moiseiev Yurii bitcoin made a fake break out above the $6,500 level, and the price of bitcoin will soon fall to $5,000 in the coming days. Bitcoin might be decoupling from the traditional markets as the price of the leading cryptocurrency did not respond to the recent fall in financial markets. 

 

Bitcoin holds daily support at $5,000

The price of the leading cryptocurrency still holds a daily support level at $5,000. A pullback to $5,000 is on the cards, according to crypto analysts. Bitcoin witnessed one of its worst days since 2013 when the price of the leading cryptocurrency fell below $4,000 in a major sell-off in just a space of a few hours. The global pandemic has caused financial markets all over the world to crash as lawmakers work to announce stimulus packages to bail out markets across the globe.   

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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