Subsequently trading in the $6,450 to $6,850 range for the by eight days, Bitcoin (BTC) price finally made a larger motility, this time to the downside, equally the digital asset dropped eight.72% to a daily depression at $6,068.

The move somewhat mirrors the operation of traditional markets, which also closed the day with losses. The Dow closed with a 915 point loss, the Due south&P 500 pulled back three.37% and the Nasdaq was down 3.79%.

Crypto market daily price chart

Crypto market daily toll chart. Source: Coin360

The interruption below $6,550 pulled the price below the ascending trendline and the $6,450 back up. Traders had anticipated that a sharp motility was on the cards afterwards the price had traded sideways on failing book for the majority of the week, also declining to push button higher up $6,850 and flip the resistance to support.

BTC USDT 4-hour chart

BTC USDT 4-hr chart. Source: TradingView

At the time of writing the price sits atop the 12-MA (daily timeframe) and traders are attempting to recapture the $6,200 support. If this try fails so a retest of $5,800 and $five,350 is possible.

Over the curt term, Bitcoin price needs to kickoff retake $6,200 and then push above the high volume VPVR node at $6,335 in order to re-reach the $6,500 range.

Earlier this week, Cointelegraph contributor filbfllb commented that the likelihood of Bitcoin price reaching $10,000 earlier May is slim to none. filbfilb explained that:

"Bitcoin is trading upwards against what is a primal determination signal at $6.8K. This is previous support now acting as resistance and the top of a high volume node which is dissected by a diagonal resistance trend line, which dates back to mid-2019."

According to filbfilb, Bitcoin price is approaching a pivotal moment and:

"If the bulls are unable to regain the $6,800 level, the 200-week moving average is lying below at around $5,500 on a high volume node, which was previously front run in the last attempt to break $6,800. Should the bulls discover their feet again, diagonal back up will be found at $six,250."

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Altcoin prices also took a tumble equally Bitcoin price corrected. Ether (ETH) dropped seven.07%, Bitcoin Cash (BCH) lost 9.33%, and Tezos (XTZ) pulled back 11.08%.

The overall cryptocurrency market place cap now stands at $172.nine billion and Bitcoin's dominance rate is 65.ane%.

Go on track of meridian crypto markets in real time here