Bitcoin (BTC) and the entire crypto markets have been facing some levels of instability as the markets experience a bout of sideways trading after losing the upwards momentum that they have incurred over the past several weeks.<\/p>\n
Although Bitcoin\u2019s recent drop into the $7,000 region appeared to have put its bullish momentum in jeopardy, analysts are now noting that it may drop as low as $5,400 before the bulls surrender their control fully.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down less than 1% at its current price of $7,730 and is down slightly from its 24-hour highs of nearly $8,000 which was set earlier today.<\/p>\n Over a one-week trading period, BTC<\/a> has been oscillating between the lower-$7,000 region and the upper-$8,000 region, which is quickly becoming a fresh trading range that may ultimately lead to a persistent pattern of consolidation.<\/p>\n Importantly, it now appears that Bitcoin could drop significantly further in the near future before it becomes bearish<\/a> from a long-term perspective.<\/p>\n Josh Rager, a popular cryptocurrency trader on Twitter, discussed this in a recent tweet, explaining that he believes it could drop as low as $5,400 before it falls into a long-term bearish trend, which may mean that significantly further losses are imminent.<\/p>\n \u201c$BTC Pullback Areas: The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO. Major confluence w\/ previous support\/resistance between $6109 to $6814. I’m personally watching for a bounce in this area with major interest near $6400 (VPVR),\u201d he noted.<\/p><\/blockquote>\n https:\/\/twitter.com\/Josh_Rager\/status\/94191366<\/p>\n Although Rager believes Bitcoin<\/a> could fall as low as $5,400 before finding strong buying support, another popular analyst on Twitter recently explained that he believes BTC\u2019s critical support level exists at $6,800.<\/p>\n Alex Kr\u00fcger, a popular economist on Twitter who focuses his analysis primarily on cryptocurrencies, recently discussed the importance of the $6,800 level, noting that several technical formations are pointing to the importance of this level.<\/p>\n \u201c$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level,\u201d Kr\u00fcger explained.<\/p><\/blockquote>\n $BTC<\/a> still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. <\/p>\n 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level. pic.twitter.com\/x7qfk5Ojgr<\/a><\/p>\n — Alex Kr\u00fcger (@krugermacro) June 5, 2019<\/a><\/p><\/blockquote>\nAnalyst: BTC Likely to Find Major Buying Support Around $6,800<\/strong>\u00a0<\/strong><\/h2>\n
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