The Bitcoin price (BTC/USD) has been trying to weather the storm after the recent crypto crash, but the recent breach of the key $6,000 level has created uncertainty among traders.
The original cryptocurrency experienced some rough trading after an unexpected market-wide crypto sell-off had brought its price to below $6,000 on Wednesday. Having opened the Thursday session at $5,736.15, the digital coin dropped to around $5,500 in the morning and later hit a new 2018 low of $5,358.38, according to data from digital currency tracker Coinmarketcap. The coin managed to stabilise in the final hours of the session and eventually finished the day at $5,648.05.
While Bitcoin has edged lower today, with its price currently hovering around $5,580, it has so far managed to avoid another sharp drop. However, with the key $6,000 level having been breached, traders are worried that a new bottom might not be in sight.
The $6,000 level had been successfully tested multiple times over the past couple of months, which led many experts to believe that Bitcoin had found a bottom. The Wednesday crash has challenged that assumption. While Brian Kelly, founder and CEO of BKCM, believes that the crash is a short-term event triggered by concerns over the November 15 Bitcoin Cash hard fork, others hold more pessimistic views on the recent event.
“The movement we saw today seemed to be the run-of-the-mill volatility surrounding Bitcoin and a breakout that’s been weeks coming,” Mati Greenspan, senior market analyst in London at eToro told Bloomberg on Wednesday. “It’s difficult to say where it ends. No one can really predict.”
In today’s trading, the Bitcoin price stood at $5,580.37, as of 10:18 GMT. The coin has been little changed over the past 24 hours, Coinmarketcap data shows.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.