MENUBitcoin is struggling with the resistances of $ 6,950 and $ 7,200
After failing at the resistance of $ 7,200, Bitcoin price returned to trade around $ 6,700 - $ 6,900. Currently, the price of BTC is at $ 6,735 - a significant increase from the weekly low of $ 5,800.
BTC also faces increasing resistance
The ability to resist deeper declines is also beneficial for an uptrend. Big Cheds, a prominent cryptocurrency analyst in a recent tweet, said candles have increased significantly since Monday. And is currently testing at my 8 EMA.
$ BTC #Bitcoin Weekly chart update - Moving nicely off that double inside up, testing EMA 8 https://t.co/OgDBCQHY4u pic.twitter.com/FRYuy1NzlT
- Big Cheds (@BigCheds) April 3, 2020
While still being traded in well-supported areas, Bitcoin is also facing increasing resistance in the region between $ 6,950 and $ 7,200. Failure to break out of this resistance may trigger a downtrend.
Crypto trader Michael thinks Bitcoin is not yet on the upside until it can overcome this resistance and turn into support.
I refuse to become bullish in to resistance levels.
I'll be bullish at support levels or when this area flips.
Period.$ BTC #BITCOIN pic.twitter.com/IAcWOfTkME
- Crypto Michaël (@CryptoMichNL) April 3, 2020
If the BTC price can break through its EMA 8 before closing the weekly candle, it could create a buying pressure. Thereby, leading the coin to go up significantly.
Purchasing power is rising again
By 2020, the price of Bitcoin has taken a huge leap, increasing by more than 50% and reaching more than $ 10,000. An equivalent level to the 2017 price rally. But the momentum has not been sustained, new cash flows have not been brought into the market. A lack of purchasing power has led to Bitcoin being extremely vulnerable.
The failure to create a wave of buying along with the coronavirus epidemic out of control has caused a selloff across the markets. Fear of a bleak future led Bitcoin to crash below $ 3,800. But since reaching these lows, the buying force has returned quite strongly.
Crypto analyst on twitter incomesharks said that Bitcoin is currently under greater buying pressure than before, and the coin could see $ 10,000 again.
$ BTC analysis and why I've been so bullish the past month. The halving bull run was interrupted by a world pandemic and financial crisis. Mass panic and capitulation ensued. We now have MORE buying pressure than before. $ BTC naturally wants $ 10,000 back. pic.twitter.com/q5ghwH6nKB
- incomesharks (@IncomeSharks) April 3, 2020
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