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  • Bitcoin price is consolidating above $6,100 and forming a weak bullish flag pattern.
  • The deal, although not final, is expected to raise about $17 million.
  • BTCC controls least 1.1% of the total Bitcoin hash power.

Bitcoin price declined further over the weekend smashing its way past the February lows to trade below $6,000. The short-term support was formed at $5,800, but the Bears increased their grip leading to lower corrections marginally below the demand zone at $5,800. This movement gave the buyers an entry during the session on Sunday, where Bitcoin price embarked on a sharp ascend slightly above the resistance level at $6,200.

Currently, the price is consolidating above $6,100 and forming a weak bullish flag pattern. The resistance to the upside is at $6,100, but the Bulls are eying the next target at $6,300 (upper immediate supply zone). The bearish trendline is also offering resistance below $6,200. A stronger support is highlighted at $6,100, but a break past this zone will be stopped by the moving averages above $6,000. The demand zone at $5,800 is still within reach in the medium term especially if the buyers fail to hold ground at $6,100. On the brighter side, the 50 SMA is moving to cross above the longer term 100 SMA which is a signal for more buying entries in the near-term. Besides, the stochastic is pointing north to confirm the bullish trend.

In other news, BTCC Pool Limited has announced its intentions to sell 49% of its stake in the crypto mining pool enterprise. The stake will be bought by Value Convergence (VC) Holdings Limited. This firm is located in Hong Kong and the deal is expected to raise about $17 million. The details of the deal were published in a memorandum of understanding (MOU) which was published on Monday 25. The deal is likely to go through, however, the MOU is subject to revision and further negotiation before the final deal is agreed upon. BTCC controls least 1.1% of the total Bitcoin hash power, although this is a significant drop from 3.3% at the start of the year.

BTC/USD 30′ chart