Currently, Bitcoin is trading around $ 6800. However, most of the technical analysts are actually looking at the levels of $ 6500. There is a technical support at $ 6500. This is the reason why many traders are actually looking at the levels of $ 6500. If it breaks these levels decisively, it can head down much. This is one of the main reasons why many of the cryptocurrency enthusiasts are keeping a watch at these levels.
Daily chart of Bitcoin:
When you look at the daily chart of Bitcoin, you will realize that both the 5-day moving average and the 10-day moving average is pointing downwards. Bitcoin is currently trading below both of these averages. This technically means that Bitcoin is pretty weak. In such a case, it can easily break the low of $ 6500. This will mean that it can head down even lower from here.
Many of the cryptocurrency technical analysts think that at these levels, investors should wait it out. Only when there is a clear signal it is on the upside or on the downside, they should think about investing. The current low in April is around $ 6425. If it breaks that, it can head to even lower than $ 6000. This is the reason why many investors are playing the wait and watch game.