Bitcoin (BTC) toll has again dropped below $7,000 and at the time of writing the digital nugget is struggling to concord to a higher place $6,700. The sharp downside to a new weekly low at $half-dozen,575 occurred despite an heady Easter Sunday, which saw Bitcoin price drop to $6,772, then abruptly rebound to $7,176.

As reported before by Cointelegraph, top crypto traders now look the toll to driblet lower to $vi,400 before maybe retesting $v,800.

Crypto market daily performance

Crypto market place daily performance. Source: Coin360

Data from Skew also shows that the abrupt correction lower led to the liquidation of $29 meg in leveraged long positions at BitMEX, suggesting short-sellers interpreted Bitcon's failure to top $7,200 as weakness and an opportunity to open short positions in anticipation of a pullback below $6,900.

BitMEX XBT USD Liquidations

BitMEX XBT USD Liquidations. Source: Skew

Reclaim $6,800 or a $5,800 retest is on the cards

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

The move to $7,176 was encouraging but the price rejected right at the fifty-solar day moving boilerplate, significant the necessary push to a higher place $7,200 or a close at $7,000 failed to occur.

For the short-term, reclaiming $6,800-$half dozen,900 would be a positive footstep in the right direction and at the time of writing the cost is attempting to push through the volume profile visible range shows a high book node in this range.

BTC USDT 4-hour chart

BTC USDT iv-hour chart. Source: TradingView

In the 4-hr timeframe, traders will detect that retaking $6,750 will bring the price above the moving average of the Bollinger Band indicator and currently the Relative Strength Index is pulling back up after dropping to 37.57.

Traders will at present spotter to see if Bitcoin either retakes $6,800 to brand some other attempt at a close above $7,000, or $6,750 now serves as resistance and traders take to debate with the price dropping to underlying supports at $6,400 and $six,200. Every bit mentioned in an before analysis, a driblet to $6,200 increases the likelihood of a $five,800 retest or even a drop below $4,000 again.

Aside from Bitcoin'southward technical setup, in that location are other developments that could impact the crypto nugget's price action. On Sunday, U.Southward. President Donald Trump tweeted that he had personally brokered a deal that would end the oil war between Russia and Saudi Arabia.

According to the latest reports, OPEC and associated allies will cut production by 9.vii million barrels per day and the reduction represents the unmarried largest cut in output in history. After the announcement of the deal oil futures traded higher but at the fourth dimension of writing, futures for the Dow and S&P 500 are downward i.51% and 1.50%, respectively.

CME Bitcoin Futures (BTC1!) compared to S&P500 Futures 6-hour chart

CME Bitcoin Futures (BTC1!) compared to South&P500 Futures half dozen-hour nautical chart. Source: TradingView

Interestingly, every bit the S&P 500 and Dow futures dropped, CME Bitcoin futures as well dropped, reinforcing the oft-discussed correlation betwixt Bitcoin cost and major equities markets.

Given the correlation of major markets to Bitcoin price, traders will also exist closely watching the opening bell later this morning to see if this has whatsoever bearing on the top cryptocurrency.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Equally the price of Bitcoin dropped, a number of top-ten altcoins mirrored the losses. Ether (ETH) pulled back 2.forty%, Litecoin (LTC) lost 4.33% and EOS dropped by three.16%.

The overall cryptocurrency market cap now stands at $191.vii billion and Bitcoin's dominance rate is 64.1%.

Keep track of top crypto markets in real time hither