BTCUSD wants to form a bottom
Over the weekend, the pair has attracted demand close to 2018 lows and briefly jumped to the $6,500 area for the first time since June 22. The price has retraced since then, but remains above the $6,000 threshold, and now the $6,500 region is considered as the major immediate resistance.
The digital currency closed the week marginally higher. Though is remains around this year lows, there are signs that the price attempts to form a bottom. As trading volumes are getting lower amid the bearish trend in BTC, the chances are growing that more bulls will get into the game down the road. Moreover, for long term investors, the current levels look quite attractive.
From the technical point of view, the cryptocurrency is still vulnerable to further losses, but the recovery prospects remain. In the short term, the price needs to keep above the $6,000 support in order to attract buyers again and to challenge the $6,500 area with the next target at $6,800.
The digital currency closed the week marginally higher. Though is remains around this year lows, there are signs that the price attempts to form a bottom. As trading volumes are getting lower amid the bearish trend in BTC, the chances are growing that more bulls will get into the game down the road. Moreover, for long term investors, the current levels look quite attractive.
From the technical point of view, the cryptocurrency is still vulnerable to further losses, but the recovery prospects remain. In the short term, the price needs to keep above the $6,000 support in order to attract buyers again and to challenge the $6,500 area with the next target at $6,800.
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