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The downtrend continues for Bitcoin price, as the leading crypto asset by market cap reached $6,600 today, showing that bears remain in complete control over the current state of the crypto market.
Will bulls finally step in and bring a much-needed relief rally, or will Bitcoin continue to fall back towards its bear market bottom and strike fear into the hearts of crypto investors everywhere?
Bitcoin Price Falls to $6,600 In Bear Dominated Battle
It was just one year ago when Bitcoin price reached $3,100. Two years prior, the crypto asset had peaked at $20,000 – setting its all-time high price at the heigh of the crypto hype bubble.
Related Reading | Traders Prepare For a Big Bitcoin Drop as Shorts Stack 50%
Today, though, the crypto asset is trading at a little more than $6,600, over 66% down from the price it traded at two years prior.
Bitcoin has been locked within a devastating downtrend for the second half of the year thus far. After it peaked around $14,000 this summer at the top of an “echo bubble” the crypto asset has struggled to regain any momentum it once had.
Most expected Bitcoin to be ready to embark on its next bull run and thought that the launch of the Bakkt cryptocurrency exchange would be the catalyst to kickstart such an ascent higher.
However, the day Bakkt launched, scammers related to the PlusToken scam ramped up their selling, causing damage to the overall crypto market structure – damage that it is still attempting to recover from all these months later.
Now, Bitcoin price is struggling to build a base at which it can form a proper relief rally from.
Bulls had put up a strong defense of $7,000 but lost the key support level this week, causing the asset to drop toward $6,700. Below current prices, a double bottom target of $6,500 is possible, or a new low toward $6,200 could be in the cards if bulls cannot step in and give bears a good enough fight.
Related Reading | Monthly Bitcoin Indicator Flips Bearish, But Still Following Path to New ATH
The TD9 Sequential indicator popularized in the crypto market by analyst Tone Vays, has signaled a “buy” in BTC/USD daily price charts, suggesting that a powerful bullish reversal may soon be near, and a relief rally may follow.
If bulls are able to step in, they must reclaim $7,200, then $7,800 for a chance at making an attempt higher for the $8,000 range. If Bitcoin price can reclaim $8,000 there’s a chance the downtrend may finally be over, and the leading crypto asset by market cap can return to the bull market foundation it was once building.
However, if bears continue to dominate the first-ever cryptocurrency, new lows and a deeper crypto winter may be in the cards – one that according to one crypto analyst could cause the complete destruction of the crypto industry, including many crypto projects going bankrupt as a result.
