Bitcoin price targets $ 7.00 when Deutsche Bank calls for the "end of the free market".




The volume of Bitcoin options hit a new record when the BTC miner reached breakeven fee


Bitcoin (BTC) was aiming for $ 7,000 on April 14 when a sudden dump of $ 600 gave way to a sluggish climb at the start of the week.


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

Filbfilb: BTC needs to close the candle above $ 7,250 to "change the game"


Data from Coin360 and Cointelegraph Market show that the BTC / USD pair challenged the $ 7,000 resistance level on Tuesday.


Earlier, the slump in the traditional futures market created a sharp decline, with BTC prices hitting a low of $ 6,650 briefly on major exchanges.


Currently, the S&P 500 index is down 1% on the day, while Bitcoin recovers to the level at the time of writing at $ 6,900.


1-day chart of Bitcoin. Source: Coin360
1-day chart of Bitcoin. Source: Coin360

Above the top, the leading cryptocurrency will face resistance at the 50 and 200-day moving averages, the first level - currently at $ 7,050, which has held prices steady over the past two weeks.


For CoinTelegraph's filbfilb analyst, BTC needs to close a higher candle to change the risk.


“Closing a candle above $ 7,250 will change the game. Feel free to hold cash now, as it is at support and I am not bullish or bearish, ”he wrote on his Telegram trading channel late Monday.


Analyst Michaël van de Poppe also thinks so.


"If it breaks down and turns $ 6,900 into support, I think it could move towards $ 7,600- $ 8,000 in the next 1-2 weeks," he said. tweet.



"However, if it fails and there is a support flip ($ 6,900) into clear resistance, then I will target up to $ 6,350 (monthly level) in the long run."



Deutsche Bank warns of "zombie market"


Deutsche Bank - Germany's largest private banking group, has accused the US Federal Reserve (Fed) of triggering the "end of the free market".


In an article above Forbes titled "The end of the free market: impact on currencies and more," the bank's director of global foreign exchange market research, George Saravelos, was determined to blame the government. covered.


"Ultimately, central banks can become the permanent commanding agent that manages equity and credit prices, strongly overpowering financial shocks," he said.



“It will be a bipolar world of financial suppression with high real economic volatility, but very low financial volatility. A 'zombie' market. "



As Toiyeubitcoin regularly reports, Bitcoin represents the only currency without the intervention of governments and central banks.


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According to CoinTelegraph
Translated by ToiYeuBitcoin