Investors are also very depressed, because when the bitcoin price is also around 6,800 dollars, slightly higher than 6,900 dollars in the past few days, no new breakthrough. It can be said that the current market is very tedious.
The chart above shows the narrow price range (triangle) during the past week.
The highest level is 7,510 USD and the lowest level is 6,425 USD. We can see the difference is at least $ 1,000, and the difference depends on the strength of the bulls that push the price up, a breakout that could make a difference.
The support threshold is found at $ 6,570, while resistance is at $ 7,080.
The decline could be a potential sell off to $ 5,500, on the lower path, the BTC could find support around a low of $ 6,000, as the relative strength index (RSI) It may be a condition of sale.
Also note that, the trend is still bearish in the BTC, within the narrow trading range. The drop of bitcoin will lead to a sell off from a high of $ 7,189 on April 9th and open the slide to $ 6,150.
However, just break below $ 6,570 (the support threshold of the triangle). This is bad because when bitcoin breaks below this support level, a slump may occur, dragging the bitcoin price down below the bottom.
On bullfighting, bulls only need a strong breakout, breaking above the resistance at $ 7,179, to regain momentum.
The decline may be considered as a warning that the bitcoin is set to move below the triangle support at $ 6,570, if bitcoin accepts at this level, a slide could pull bitcoin down. USD 6,000
On the other hand, if the bitcoin sustained above $ 7,199, it would help the pedal to break the bitcoin at $ 7,510 and open the way to $ 8,100.
Yes,It's already reach $7,845 as for today, there's nothing to worry about, i also think that BTC is preparing a big jump and gonna increase rapidly to the peak, let's hope and wait until it happens, I think BTC can reach $10k again this year in the near future
Rising up is really good to know and no doubt that bitcoin can be reach again it's highest pump but in what we have now which is consider just a little bit movement of it I must say that it's possible that it's only a normal flow maybe for the next day it's dump again what I mean is slow and little movement can't be consider as a full recovery and maybe it's only a preparation to it's upcoming high jump. Even though the value is better for now we need to be always aware and actively check the the market so we can act easily if what will be the best strategy to do.
The current bitcoin's price increase is now the hot issue where it could lead to the most anticipated bull run that is expected to happen in the coming weeks. Partly, at $7.8K as of this writing has been an achievement for bitcoin to regain back it's usual price and gradually moving forward for another kick off that would mean we will be expecting a more promising profit by then.