Looking at the chart, bitcoin price is facing solid resistances near the $6,315 and $6,365 levels. On the downside, the $6,110 support holds the key, below which the price could decline towards $6,000.
Risk aversion has been present in financial markets over the past few days, weighing on demand for riskier assets like stocks and commodities. While cryptocurrencies have previously been able to take advantage of these situations, regulatory updates in the industry have kept Bitcoin and its peers on shaky ground.
For one, the anxiety leading up to Roubini’s testimony in Congress on its hearing on digital assets and blockchain has already led to easing on positions, and it doesn’t help that the low liquidity has paved the way for more volatile moves.