On the 4-hour chart, Bitcoin has halted its upward movement at $6,741.45. It has started moving sideways. This is caused by the risk aversion sentiment as investors want to find a less risky asset rather the high risk asset like cryptocurrencies, including Bitcoin. That's why investors are poised to sell Bitcoin. Now this most popular cryptocurrency is aiming to reach the level of $5,605.90. As long as Bitcoin does not rebound higher than $6,908.25, this level is likely to be hit.
The overall bias of Bitcoin is bearish.
(Disclaimer)
