Bitcoin has dropped below its major price support 200-MA for the first time since May.
The world’s leading cryptocurrency Bitcoin breached this price support last time in the month of May and now after the time period of seven months, it again has broken down this price support.
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The 200-period moving average (MA) is a level considered a barometer of long-term market trend and is key long-term price support for the leading cryptocurrency bitcoin (BTC).
After this breakdown, it seems that the selling pressure for Bitcoin would increase and there is a chance that the leading crypto asset may drop below its November low of $6500 as the coin has found acceptance under the 200-period moving average.
The price value of the coin dropped over 6.33% in the time period of three days. The three days chart of the coin representing the coin performance from Dec 15 to Dec 17 shows that the price action of bitcoin closed below the 200-period moving average.
The three days chart of the coin suggests that the world’s leading digital asset is caught in the five-month falling channel which means that the future market trend is also bearish.
Source: TradingView via Coindesk
This breach of the major price support by Bitcoin shows that the price value of the coin may further slide below the $6500 level. And if it happens then $6378 would be the next support level for Bitcoin.
It is important to note here that Bitcoin has already made almost fifty percent of the bullish rally when it pulled itself up from $3100 in Dec 2018 to $13880 in June 2019.
At the time of writing, the price value of the coin is standing at $6,697.32 USD with a change of -2.74% in 24 hours.