Forex and Crypto News

BTC/USD could not hold above 7000

13:28 10 April /2020

After several days of consolidation and several attempts to rise above the level of 7500, the BTC/USD pair could not hold above the level of 7000 and fell to the area of ​​$6935.

Bitcoin is declining despite a successful stock market week. The S&P 500 and Dow Jones indices soared as the panic caused by the coronavirus begins to subside.

The opinions of analysts were divided. Some say that this is a temporary rollback before the test of the level of $7500. Others say indicators like Stochastic showed that Bitcoin was overbought. And if the BTC/USD pair cannot be kept near the level of $7000, it will continue to decline.

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Some analysts say that the movement of the BTC/USD pair resembles the movement of the pair at the time of the beginning of the bear market in 2018.

Analysts predicted overcoming the mark of $8000 in the near future. Moreover, a more optimistic scenario was allowed, in which the coin was supposed to gain a foothold above $9000.

Support is expected during today's US session if the indices continue to add. Analysts say BTC will continue to grow if the coin is held at $7000. With this option, a jerk of up to $8500 is possible. But when you roll back below the current values, we can expect a return to $5500.

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