$ 49,417
$ 1,605.9
$ 180.83
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Bitcoin (BTC) price dropped below $6,900 as the weekend kicked off and at the time of writing the cryptocurrency is struggling to keep hold of $6,800.

During the week, a full time day/swingtrader in cryptocurrencies, Michael van de Poppe suggested that $6,900 was a crucial level for Bitcoin to hold and dropping below this level could kick start a trend reversal.

He explained:

“The last support area for bulls is in the $6,750-6,800 area. The first sign of weakness was losing the yearly and monthly level at $7,200. However, losing the $6,750-6,800 would trigger a further heavy dropdown and would trigger a higher volume drop.”

Given that Bitcoin price has rallied 100% since dropping to $3,750 on March 13, it seems that a reversal in the short term is likely.

According to Van de Poppe, a drop below “the next support zone at $6,750-6,800 will likely provide a giant sell-off towards the support zone at $5,800 and confirmation of a further downwards trend.”

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

If Bitcoin price fails to hold the $6,750 support then the price is likely to drop to $6,350 unless a surge in sell volume presses the price below $6,350 and $6,200 then a revisit to $5,800 is possible.

To reverse the current downtrend, bulls need to reclaim $7,000 pronto then push for a close above $7,200. Even a weekly close at $6,900 would at least strengthen the option of Bitcoin making an attack at $7,200 at the start of next week.

The bearish alternative is quite grim, as a retest of the $5,800 support increases the change of the price revisiting prices below $4,000. Already, analysts like BitMEX CEO Arthur Hayes and crypto traders like PentharUdi and Crypto Capo are calling for the Bitcoin price to revisit the $3,500 to $2,000 range.

As the Bitcoin price gradually dropped on Saturday the majority of altcoins also took a slight tumble. Ether (ETH) pulled back 2.09%, Bitcoin Cash (BCH) dropped 3.42% and Chainlink (LINK) lost 4.65%.

The overall cryptocurrency market cap now stands at $194.9 billion and Bitcoin’s dominance rate is 64.2%.

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin49,417 0.71 % 2.28 % 5.23 %
Ethereum1,605.9 0.67 % 4.62 % 12.99 %
Binance Coin245.16 2.14 % 7.63 % 49.83 %
Tether1.000 0.82 % 0.01 % 0.19 %
Cardano1.040 1.26 % 0.09 % 16.61 %
Polkadot33.47 3.08 % 8.12 % 4.83 %
XRP0.4632 0.62 % 5.05 % 13.65 %
Litecoin180.83 2.32 % 2.74 % 23.56 %
Chainlink27.38 2.55 % 2.32 % 15.12 %
Bitcoin Cash526.50 1.14 % 3.26 % 26.57 %