Bitcoin price held $ 7,100 when analysts warned of a retest of $ 5,000 soon

Bitcoin price is reversing? The major resistance at $ 7,600 has been broken

Bitcoin (BTC) continued to aim for $ 7,500 on April 8 as the upside momentum kept support at $ 7,000 still intact.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

BTC sustained support of $ 7,000

Data from Coin360 and Cointelegraph Market show BTC / USD pairs trading in the tight $ 300 corridor on Wednesday, keeping the volatility around $ 7,100 and high at $ 7,410.

1-day chart of Bitcoin. According to: Coin360
1-day chart of Bitcoin. According to: Coin360

Traditional markets have witnessed a strong performance, thereby continuing to eradicate previous losses as expectations of the coronavirus pandemic start to decline.

At the time of writing, the BTC / USD pair is hovering around $ 7,260, but in the future, analysts have warned that the overall strength seems to be quite weak.

“If we get another rally to $ 7,400- $ 7,600, then we will see a bearish divergence, that is, a peak,” said CoinTelegraph analyst Michaël van de Poppe. write on Twitter on Wednesday.

"Losing $ 6,900 support is bad news, and the target will be $ 5,800."

Van de Poppe: Volume "does not increase"

It is important that Bitcoin miners on the day that Bitcoin Cash (BCH) underwent block reward halving event. As Toiyeubitcoin reported, next month will see BTC's block reward running at double that of both BCH and Bitcoin SV (BSV) - which will be halving on Thursday.

At the same time, the mining difficulty of BTC will increase by 5%, with the next difficulty adjustment in two weeks likely to add another similar increase.

For those who hodl BTC since the coronavirus crisis hit, the leading cryptocurrency has regained much of the loss. At $ 7,260, the BTC / USD pair actually rose 1% from the beginning of the year.

Still, van de Poppe still doesn't like risk.

"The overall volume has not increased," he said in additional comments.

"It seems more likely that we will see $ 5,000 as a test for support and the accumulation period than we will go to $ 9,000- $ 9,500."

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According to CoinTelegraph
Translated by ToiYeuBitcoin