Bitcoin Price Faces Another Test as dip Below $6,500 Looms Overhead

The Bitcoin price is not a good place right now and things only get worse as more time progresses. That is the overall sentiment in the cryptocurrency world right now, even though the long-term trend is still extremely bullish. As of right now, we are looking at a Bitcoin price of just over $6,500, which is a lot lower than what most people would like to see.

The Bitcoin Price Continues to Struggle

Even though some experts had predicted a semi-positive weekend for the Bitcoin price it seems there are all proven wrong yet again. Technical analysis of any currency never tells the complete story, and Bitcoin is no exception in this regard. As of right now, we are dealing with a Bitcoin price which will most likely tank below $6.500 and could even go a slow as $6.000.

For the people with long-term memory loss, this is still a lot better compared to the Bitcoin price one year ago today. In fact, it is still better than the Bitcoin price in November of 2017. Even though we have seen a major price dip ever since early January, it is evident the long-term perspective still seems to hold up just fine.

With another 8.04% decline over the past 24 hours, it has become more than evident the bears remain in full control of the Bitcoin market as of right now. It seems this negative pressure will not relent either, as this will only trigger more panic sells from people who spent their savings on Bitcoin and are now dealing with this extended volatility.

While the Bitcoin trading volume seems to hold its own at $4bn and change, it is a lot lower compared to a few months ago. Then again, a daily trading volume of $20bn simply wasn’t sustainable for Bitcoin in its current shape. With some big technical improvements on the horizon, the true value of BTC will become more apparent. Such a process takes time, though, and we can expect a lot more bearish pressure until that time.

As of right now, the majority of Bitcoin trading volume comes from Bitfinex, although their lead over OKEx is not all that big. Binance is also getting involved in the debate, which is quite interesting to see. As is always the case, the fiat currency trading pairs can be found across multiple exchanges, although the USD pairs always tend to note higher volume. Unfortunately, most of the capital is exiting Bitcoin right now.

All of this doesn’t mean there is no hope left for the Bitcoin price, though. In fact, this may very well be the healthiest Bitcoin price correction we have seen over the past nine years. Last year was ridiculous and unsustainable by all means. This year, we are returning back to normal, which also means dealing with a massive correction. The bleeding will end eventually, but for now, the sharks are still circling.