Bitcoin is not yet dead as long as it is above $ 6,000.
The BTC / USD is limited by the critical resistance level of $ 6,400.
Bitcoin hit $ 5,777, the lowest level in 2018 before buyers came in and saved the day. The digital currency did not return to above $ 6,000 on Sunday to trade at $ 6,137 at the time of writing. For no apparent reason, the advantage seems like a technical correction of new minima, and it is not clear if she will have legs.
Meanwhile, long-term investors are back with their traditional call to put things in perspective, since the currency is still 140% higher than last year. That means those who bought the in June 2017 are at profit. However, it is a weak consolation for the short-term speculators who have entered the market by a dozen.
Bitcoin's famous bull, Brian Kelly, of BKCM LLC, says the fall is painful, but not uncommon in crypto-markets.
"And the bear markets, we do not know where they end," Kelly said. "That does not mean that bitcoin can not go any lower. But that's by no means the fun of bitcoin," he explained on CNBC.
The BTC / USD remains within the descending channel with the top line created by Andrew's trident, currently at $ 6,400. If the bulls can clear this area, the positive side can be extended to $ 67,000, however, this development seems unlikely at this stage. On the downside, another attempt below $ 6,000 could lead to a fresh test of recent casualties at $ 5,777.