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Bitcoin falls significantly in the last 24 hours. We are entering a deeper correction this week.

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A new bearish movement hit the cryptocurrency market this weekend with losses of up to 10%, Bitcoin, the most important currency by market volume, is currently above $ 6,700 after falling sharply from $ 7,200. Now an important support in the price is played but everything points to that we will see more movements to the downside in the coming days.

At fibonacci retracement levels we are barely entering 38% shyly, losing this S1 support at $ 6,617 implies a clear move to S2 that just coincides with that 38% fibonacci that I mention, the market does not seem to be in a position to give a bullish move until the point pivots again around $ 7050.

Unfortunately we are about to enter a deeper correction in Bitcoin and the rest of the cryptocurrencies that until yesterday held on important support levels in the price so as not to enter a much more extensive correction.



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