Bitcoin price today (April 13): If it fails to hold $ 6.7k, then it could fall to $ 4k

Bitcoin price has once again dipped below $ 7,000, at the time of writing it is struggling to hold above $ 6,700. The price plummeted to a new weekly low of $ 6,575, yesterday when Bitcoin dropped to $ 6,772, suddenly rising back to $ 7,176. Did a similar situation happen today?

Bitcoin price analysis

As Bitcoin Magazine reported earlier, leading cryptocurrency traders are now expecting prices to drop to as low as $ 6,400 before being able to retest the $ 5,800 price.

Daily electronic price list | Source: Coin360

Data from Skew also shows that the sudden downward correction led to the liquidation of $ 29 million in Long positions at BitMEX, showing that the current trend is still Short.

Liquidation of BitMEX XBT / USD | Source: Skew

Get back $ 6,800 or check back $ 5,800

Daily BTC / USDT chart | Source: TradingView

The move to $ 7,176 is encouraging but the price was rejected right at the 50-day moving average (MA), meaning a push up above $ 7,200 or a close to $ 7,000 did not occur.

For the short term, turning back $ 6,800- $ 6,900 will be a positive step in the right direction and at the time of writing the price is attempting to push through the volume configuration display range showing the high volume button in the range. en this.

BTC / USDT 4-hour chart. Source: TradingView

Within the 4-hour time frame, traders will find that a return to $ 6,750 will bring prices above the moving averages of the Bollinger Bands indicator and the current Relative Strength Index is rising again after falling. down to 37.57.

Traders will now watch to see if Bitcoin regains $ 6,800 to make another attempt at near $ 7,000 or $ 6,750 now acting as a resistance and traders face a challenge. reduce the price to the basic support at $ 6,400 and $ 6,200. As mentioned in a previous analysis, a drop to $ 6,200 increases the likelihood of a retest of $ 5,800 or even falls below $ 4,000 again.

Correlation with traditional markets

Besides the technical setup of Bitcoin, there are other developments that may affect the price action of cryptocurrency assets. On Sunday, US President Donald Trump tweeted that he had personally entered into an agreement that would end the oil war between Russia and Saudi Arabia.

According to the latest reports, the Organization of the Petroleum Exporting Countries (OPEC) and its allies closed a deal to reduce production by 9.7 million barrels a day during an emergency meeting yesterday (April 12). This is the biggest decline in history. After announcing the agreement, the world's two major crude oil, WTI and Brent, increased prices 5-7% this morning.

Earlier, at a meeting on April 9, OPEC + proposed cutting 10 million barrels a day - equivalent to 10% of global supply. However, Mexico objected to its quota, leaving the deal uncompleted. After yesterday, Mexico will only have to reduce 100,000 barrels a day, instead of the original 400,000. US President Donald Trump said on April 10 that he would help Mexico cut the rest.

Reuters sources said OPEC + expected global supply to drop by more than 20 million barrels as of May 1, thanks to the efforts of non-allies, OPEC + countries voluntarily reduced production and major consuming countries. Increase reserve purchases.

Meanwhile, gold prices have soared in the past few days after the US Federal Reserve (Fed), announced a new economic support package in the form of loans of up to $ 2.3 trillion. Spot gold price increased by 0.08% to 1,686.20 USD / ounce according to Kitco; June gold gold fell 0.83% to 1,738.50 USD.

On the market, gold futures have climbed to the highest level in 7 and a half years at $ 1,750 / ounce as the crisis caused by the ongoing COVID-19 pandemic continues to boost demand for safe assets. The world economy is stagnant and the risk of recession is a good environment for gold to rise.

FXStreet's prediction poll shows that the majority of experts think gold price will increase in this quarter. Precious metal price is forecast to trade in the average of USD 1,650 / ounce.

Interestingly, when the S&P 500 and the Dow fell, the CME Bitcoin futures also fell, reinforcing the discussed relationship between Bitcoin prices and major stock markets.

CME Bitcoin Futures (BTC1!) Compared to the 6-hour chart of S & P500 Futures. Source: TradingView

Based on the correlation of traditional markets with Bitcoin price, traders will also closely monitor the U.S. stock market, which is about to open on Monday, to see if this has anything to do with cryptocurrencies. top or not.

When Bitcoin price dropped, some of the top 10 altcoins doubled their losses. Ether (ETH) decreased by 2.40%, Litecoin (LTC) lost 4.33% and EOS decreased by 3.16%.

The total cryptocurrency market capitalization is at $ 191.7 billion and Bitcoin dominance rate is 64.1%.

Thạch Sanh

According to Cointelegraph

Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page

Crypto loans are only from 5.9% annual interest rate - you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →

About My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently. Mr Cuong.
Newer Posts Newer Posts Older Posts Older Posts


Post a Comment