The sell-off is probably already behind us, though the risks remain as the recovery momentum looks too timid and limited for the time being. There were no any substantial changes in the market sentiment over the recent days, but the ongoing consolidation with some upside bias signals there is a potential for a more sustainable rebound down the road.
Technically, the digital currency has been capped below the $6,400 area. The BTCUSD pair needs a clear break above this local resistance to stage a more substantial and steady corrective rebound from this year’s lows. The longer the coin remains below this level, the higher the risk of another sell-off with a break below the $6,000 figure.