Bitcoin bounced off the key support level of $5,000 for the first time since mid-December, as the price is now just above the $6,000 level. This is the first time the price has traded below the $5,000 level since mid-November, and a move below the $6,000 level would likely be enough to trigger a correction of sorts.

Bitcoin bounced from support at $11,000 and $12,000, while the rest of the cryptocurrency market was in a quiet period. As Bitcoin pushes towards $20,000, there is still a chance of a major correction. The question remains, does Bitcoin have a chance to avoid a potential ‘big nuke’?

Bitcoin bounced at a key resistance level yesterday, and analysts are hopeful that the Bitcoin price may avoid a “big nuke” in the near future.. Read more about bitcoin next support level and let us know what you think.

Bitcoin (BTC) has remained stable over 2. July stalled at a key support area as buyers stepped in to prevent a retest of the $30,000 level.

BTC/USD chart at 4 hours and RSI scenario chart. Source: Crypto Ed/Twitter

Bitcoin bounces at key range amid hope BTC price will avoid ‘big nuke’

Since breaking out of its all-time high of $64,500, bitcoin has fallen to a high of $28,600, with lower lows and no attempt yet to break through the 2017 high of $20,000.

Nevertheless, the price action remains in a range, and analyst Rekt Capital sees a continued downtrend that nevertheless contains a clear level for a breakout.

BTC still retains this structure, and the blue diagonal will still be a trend line to keep an eye on for a breakout when the time is right, he said in comments on the accompanying chart.

Altcoins show downward trend

Altcoins, meanwhile, have been reeling and have lost their previous strength, with losses typically exceeding bitcoin’s small decline to 5% or more.

Ether (ETH), the largest altcoin by market cap, traded at $2,060 on the day, down 3%, in line with other major cryptocurrencies.

Ethereum Classic (ETC) is down from its highs earlier this week, while Elon Musk’s public appearances have also failed to support Dogecoin (DOGE), which is down 4% at the time of writing.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.The price of Bitcoin is currently being tested at the key range, which could mean the cryptocurrency could make a temporary bounce as bulls fight to defend the key range.. Read more about bitcoin price $25k and let us know what you think.

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