Bitcoin Price Struggles With $6,500 Resistance as Market Trades Sideways

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The bloodbath in the cryptocurrency segment continued today in early trading, with the major altcoins getting smacked lower yet again. Bitcoin is still providing bulls something to cheer about as the coin not just avoided a test of the $5850 level, but it also stayed above $6000 amid the broad selloff. The total value of the market is just above $200 billion, thanks to the relative stability of the most valuable coin, but the technical setup in the segment remains overwhelmingly bearish.

Altcoin broke below key support levels yet again, and remained below those too, confirming this week’s break-down, and keeping the strong short-term downtrend intact. Ethereum and Ripple are particularly weak, and they weigh heavily on the whole market

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