Bitcoin price tumble over 9% in early European trading after the rejection at 5350 in Asian trading. BTCUSD return to negative territory as the emergency rate cut by the Fed failed to calm investors who started to dump risky assets across the board.
Now bitcoin has lost over 31% in 2020 while the last five trading days has lost over 37% sending the crypto pair into the bear market territory.
Similarly, all major cryptocurrencies are declining by over 8%. Ethereum is 10.59% lower at 110.40, Litecoin is 11.58% lower at 32.03 while Ripple is 8.57% lower at 0.1395.
Bitcoin price is 8.87% lower today at $4858 as the selling pressure accelerates after a short consolidation phase during the weekend. BTCUSD outlook is clearly bearish, and lower levels might be on the card as Bitcoin price remains vulnerable below $6000. A close above the 6000 mark will give bulls a breath, while only a close above the 100-day moving average at 8300.
On the downside, initial support for bitcoin (BTCUSD) will be met at $4440 the daily low. If Bitcoin breaks below, the next support stands at $3876 the low from March 13th trading session.
On the other side, the resistance for bitcoin seen at $5353 the daily top. More offers will be met at $5953 the top from Sunday’s trading session. The next obstacle for the BTCUSD stands at $7955 the high from March 12.