The king of the crypto market tries to keep the $ 5,000 and end the blunt decline.

The king of the crypto market today is consolidating slightly above $ 5,000. It has been in this area for several days with a resistance above $ 5,450 that it has not been able to overcome and represents 23% of the inverted fibonacci. Unfortunately the situation is still very delicate in BTC that has not been able to give a forceful rebound after this important fall from $ 9,200.

We have a pivot point this week around $ 5,800 and this represents the beginning of a possible price recovery. Breaking it to the upside and maintaining consolidation above this could indicate that the bulls are already preparing their orders for an eventual price rise to $ 7,000 again. Although this scenario seems almost impossible at the moment due to the conditions and global situation, we cannot rule out the possibility.

Remember that Bitcoin is a box of surprises and at any time it can give us a much stronger bullish rebound that exceeds that pivot. At the moment we must be very careful, closing below 5,000 some of these daily candles would imply that we will see another important downward movement at any time that takes the price to the previous lows above $ 4,000.

Hopefully the latter does not happen and these $ 5,000 can be maintained which is also an important support in the price.