As we know, the Bitcoin price has rallied approximately by 100 percent since dropping down to $3,750 on March 13th, a reversal in the short term is very likely now.
According to some analysts, the upcoming support zone at $6,750 to $6,800 will possibly provide a massive sell-off towards the support zone at $5,800, and a further downwards trend might occur.
Currently, the daily chart shows that the Bitcoin price is not that likely to reach $7000 as it is struggling very hard to even hold above $6,800.
If in case, the Bitcoin price fails to grasp the $6,750 support, then a further downward trend might be seen as the price would drop to $6,350, unless a significant surge in sell volume occurs.
Check out BTCUSD Chart on tradingview.
BTC Bulls in a tight position
To reverse the current downward trend, the bulls need to reclaim $7,000, and after this, push for a close above $7,200. If this is not possible, even a weekly close at $6,900 might aid in the reversal of the trend.
The bearish trend represents that the retest of $5,800 support will affect the change of the price visiting $4,000 again. Analysts working in BitMEX and crypto traders have already predicted that the Bitcoin price may revisit the $2,000 to $3,500 range.
As the Bitcoin price slipped on Saturday, April 11th, altcoins also took a hit. Ether pulled back at 2.09 percent, and Bitcoin Cash also dropped by 3.42 percent.
The cryptocurrency market cap currently stands at $194.9 billion.