Every bit the weekend kicked off Bitcoin (BTC) toll dropped below $6,900 and at the time of writing the cryptocurrency is struggling to go along concord of $6,800.

Earlier in the week, Cointelegraph correspondent Michael van de Poppe suggested that $6,900 was a crucial level for Bitcoin to agree and dropping beneath this level could kick start a tendency reversal.

Van de Poppe explained:

"The last back up area for bulls is in the $6,750-six,800 area. The first sign of weakness was losing the yearly and monthly level at $vii,200. However, losing the $six,750-6,800 would trigger a further heavy dropdown and would trigger a higher book drop."

Expect a big driblet below $6K if key support breaks, says trader

Given that Bitcoin cost has rallied 100% since dropping to $three,750 on March thirteen, it seems that a reversal in the short term is likely.

According to Van de Poppe, a drop beneath "the next support zone at $6,750-6,800 will likely provide a behemothic sell-off towards the support zone at $5,800 and confirmation of a farther downwards trend."

Crypto market daily performance

Crypto marketplace daily performance. Source: Coin360

At the time of writing, the daily chart shows Bitcoin price struggling to concur above $6,800 where at that place is also a high book node on the volume contour visible range and support at $6,750.

If Bitcoin price fails to hold the $6,750 back up then the price is likely to driblet to $half-dozen,350 unless a surge in sell volume presses the toll below $6,350 and $half-dozen,200 then a revisit to $5,800 is possible.

BTC USDT 1-hour chart

BTC USDT ane-hour chart. Source: TradingView

Do or dice for BTC bulls

To reverse the current downtrend, bulls need to repossess $7,000 pronto then button for a shut higher up $7,200. Even a weekly close at $6,900 would at to the lowest degree strengthen the option of Bitcoin making an set on at $7,200 at the first of next calendar week.

The bearish culling is quite grim, as a retest of the $five,800 support increases the change of the price revisiting prices below $four,000. Already, analysts like BitMEX CEO Arthur Hayes and crypto traders similar PentharUdi and Crypto Capo are calling for the Bitcoin cost to revisit the $3,500 to $two,000 range.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Every bit the Bitcoin toll gradually dropped on Saturday the majority of altcoins also took a slight tumble. Ether (ETH) pulled back 2.09%, Bitcoin Cash (BCH) dropped iii.42% and Chainlink (LINK) lost 4.65%.

The overall cryptocurrency market cap now stands at $194.9 billion and Bitcoin's dominance charge per unit is 64.2%.

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