Bitcoin is currently residing below the $6,500 area with daily close which does indicate further bearish momentum in the coming days. Bitcoin has dropped around 4.57% by the end of the week which is indeed a shocking blow for traders of this Cryptocurrency. Though there were certain expectations that the price might rebound from the $6,500 to $7,500 area, but after pushing lower below the $6,500 area, the bias has currently turned bearish which might lead to more bearish pressure with target towards the $5,000-5,500 area in the coming days. As of the current scenario, the price is expected to correct itself below $6,500 and pushing lower towards the $5,000-5,500 area will not be an easy path to cross. As the price remains below the $6,500 area with a daily close, the bearish bias is expected to continue.
