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The Bitcoin price plummeted quickly this morning, breaking down below a major support area. If a reversal is not initiated at the current support level, there is a likely possibility that it could continue all the way back to $6,000.

The Bitcoin price has retraced by more than 100% relative to the low hit on Oct 25. Yesterday’s downward move broke down through the $7,900 support level without any slight retrace.

The entire downward move has seen minimal retracement, and volume has been quite weak

At the time of publishing the price is trading between $7,000 and $7,200.

Looking at the long-term chart, we can see that the price is in the final support area before $5,000-$5,500. If BTC extends this area to its absolute limit, it is likely that the price will dip back to re-test previous support at $6,000.

Also, the current price is just above the 50-week moving average (MA). The same MA provided support throughout October. When it was broken and the price could not sustain the lower levels on Oct 25, the price immediately shot off, gaining back 30% in just the two days that followed.

To conclude, the price is just hanging on in a very significant support area. A close below $7,000 could trigger a big panic sell-off to potentially re-test lower-level support between $5,000 and $5,500.

For our previous analysis, click here.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Shutterstock, TradingView.

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