More losses are expected for Bitcoin after losing the psychological level of $ 7000







Bitcoin dropped below $ 7,000 on Friday, which surprised many investors. If the current support level of nearly $ 6,900 fails to hold, it is likely that the bearish mood will expand.


Most traditional markets have closed today to comply with Good Friday, but crypto exchanges do not experience a drop in trading volume. This shows that the move is real and can continue if the bulls fail to hold $ 6,900.


On April 7, Bitcoin formed a double peak, usually a bearish pattern in technical analysis. We anticipate that BTC could face a severe correction if it does not break up on the top of this double peak. However, Bitcoin moved sideways in the range of $ 7,100 - $ 7,430 until it finally gave up.


It seems the correction has been triggered by the whales. Since yesterday, Whale Alert has posted an unusually large number of Bitcoin transactions, most of which have moved from exchanges to unknown wallets. Some of the biggest moves may be internal transfers, but most of them are too small to be considered internal reforms and too large to be overlooked.


Move Bitcoin 2


Source: Twitter


What is even more worrying is that some of these large transfers took place less than two hours before the biggest bearish candlestick appeared. This shows that the downtrend may become worse as the liquidation continues.


The Bitcoin bull will come back stronger


Even if the price of Bitcoin will drop to $ 6,300 or even $ 6,000, that simply means the discounted price for the bulls, who will return much stronger in the medium term. Many people predict that the Federal Reserve stimulating an additional $ 2.1 trillion will create Bitcoin momentum, but it seems the recovery has stalled.


The cryptocurrency market will also benefit from the halving event, the bold recovery expected after the event.


Even under these conditions, Bitcoin can soon break above $ 7,500 if it holds the current levels.


You can see the price of Bitcoin here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


Annie


According to Bitcoinist








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