Bitcoin has just fallen to a three-week low, further strengthening the bears and opening the door for testing November lows in the region of $6,500.

At the same time, the dominance index of Bitcoin has surpassed the 67% mark, currently sitting at 67.1%. 

The relevant Bitcoin data is looking the following way:

The information is relevant at the press time.

BTC/USD: Was Yesterday Drop the Return of Bears?

Our yesterday’s price forecast turned out to be accurate. Not only did Bitcoin fail to reach the $7,000 level but it also dropped below $6,800. Yesterday, the leading crypto lost around $200 of its value in a few minutes. On the other hand, the decline may be connected with the PlusToken scam.  

On the 4H chart, Bitcoin is located close to the oversold area. One should not rule out one more possible drop to $6,000. However, the short-term picture is bullish. Respectively, the closest area BTC might reach soon is $7,100. 

On the daily chart, bearish sentiment prevails. Bitcoin didn’t manage to break the descending channel which has been forming since summer 2019. 

The MACD indicator is also moving down, confirming the ongoing decline. All in all, the number one crypto might touch the bottom in the $5,800 area in January 2020.

Bitcoin is trading at $6,870 at press time.