Industry news:

Bitcoin, over the past 24-hours, has breached major support levels, with the price of the world's largest cryptocurrency falling down to the $3.8k mark on a few exchanges. At press time, Bitcoin was valued at $5,180.26.

The cryptocurrency's price will be a relief for users who witnessed the coin falling to $3,850 just hours ago. Thus, the sudden fall of the digital gold set-off massive liquidations on BitMEX. According to data provided by Skew, the highest liquidation within an hour was 10,257.8 BTC in long positions on 12 March.

Technical analysis:

BTC did drop again as I expected yesterday. My downward target at the price of $4.965 has been reached. The BTC is today in the upward correction phase but I do expect another downside movement.

I would watch for selling opportunities on the rallies with the downward targets at $3.800 and $3.135.

MACD oscillator is showing new momentum down, which is strong sign of the bearish pressure.

Resitance levels are set at the price of $5.630 and $6.215

Support levels and downward targets are set at the price of $3.800and $3.135