Bitcoin Price Analysis: $ 4,000 Can Be Retested

Although some cryptocurrencies rose at the end of the week, the top 10 cryptocurrencies have declined again with the new week. According to CoinMarketCap data, Tezos (XTZ), with 27 percent, is experiencing the biggest loss compared to yesterday.

While the horizontal trend of Bitcoin (BTC), which has lasted for several days, does not affect the market share positively, the index remained almost unchanged in 7 days and remains at 63.6 percent at the time of writing.

$ 6,000 could not be broken in BTC / USD

Yesterday we witnessed the biggest cryptocurrency trying to break the $ 6,000 level, but the daily candle was closed with a long wick. Bitcoin lost 43 percent of its value in 7 days, while trading at $ 4.654 at the time of writing.

The hourly chart shows clearly that Bitcoin has fallen even more after the attempt to break the $ 6,000. When looking at the analysis of the trade volume, it is an important detail that it is not a buyer and the rate gradually shifts to $ 4,500. This situation confirms the falling MACD indicator lines.

On the larger chart, it is noteworthy that Bitcoin continues to be traded on the falling channel, and the downtrend becomes stronger after every upward jump. As mentioned above, the daily candle is closed with a long wick, and this is a big bearish signal. Currently, the long-term downtrend remains unchanged, while the nearest strong resistance zone is $ 4,000. A break below this may cause greater losses.