Forex and Crypto News

Bitcoin's third attempt to rise above 7000

15:44 06 April /2020

On Monday, April 6, Bitcoin overcame the psychological mark of $7000. At the time of publication, he was able to reach a maximum of $7170. This aroused the interest of analysts and drew their attention to the daily and weekly charts.

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This is Bitcoin’s third attempt to break the $7000 mark in April. Bitcoin made its first attempt on April 2, the second attempt on April 3, but both attempts were unsuccessful and Bitcoin could not gain a foothold above the $7000 mark. As a result of this, analysts called the level 7000 the level of decision-making. If a new attempt by Bitcoin is also unsuccessful, this could mean a new bear rally soon. As a result of which we can see a decrease of BTC/USD to the area of ​​$5680.

If the BTC/USD pair can gain a foothold above the $7000 mark, it will continue to grow to the $8000 area in the medium term.

It is also worth noting that analysts claim that Bitcoin has already passed its bottom. And the development of the ecosystem of Bitcoin mining will not allow it to reach the bottom at the level of 3800 again. Firstly, the Bitcoin hash has started to grow, which is a positive signal. So the miners turn on their equipment again. Secondly, the relationship between Bitcoin's market capitalization and its energy consumption is in the buy zone. And it can enter the zone of extreme buy.

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