Meanwhile, reversals to decline on the BTCUSD pair are happening on low levels. Last week, the reach of just $6500 became a turning point to the next reversal.
It is worth paying attention to the dynamics of Bitcoin near the important support of $6000. Falling below this mark may entail an almost uncontrolled fall, the remote targets of which can be as low as $3500.
The scenario of possible growth on the breakout of the looks less probable, as we see continued lower lows reversals.
According to technical analysis, the next important stop could be the area of the previous price consolidation: distant marks near $3,500. A well-known crypto investor, Barry Silbert, has the same opinion. He considers what is happening now as a “cryptocurrency capitulation” due to a deep disappointment in the prospects and falling interest from traders and users.