Can BTC technically survive under 6k?
This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?
What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?
What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.
I can answer the last question based on my what I see. Yes, it has a big psychological impact because if you have invested above $6K then its obvious that you are already losing money here. So who in the world wanted to see their money going down? No one. However, if you know how the market works, so you will know that sooner or later it will make another break out run, so you need to stay relax and hope that everything will turn out on our favor.