BEARS SET TO TAKE OVER THE MARKET AS TRADERS STRIVE TO SUSTAIN BITCOIN’S PRICE ABOVE $6,900.
Bitcoin's price volatility remains a crucial aspect of the crypto asset. Amidst the opposition by the Bears to take over, Bitcoin's price is pivotal at $6,900 and is likely to push past $7,000.
Miners and Traders in the crypto space can now see a bearish cloud hanging loosely over Bitcoin which could trigger it’s price to drop below the $5,000 level. The past week had been a little tasking for Bitcoin traders as they strived to ensure the price is sustained above the $6,800 and $6,900 levels. However, with selling activities increasing, gains towards $7,000 have been impossible to attain.
While Bitcoin continues to seek a comfortable position above the $6,900 level which is no doubt is bound to change sooner than later, Traders and investors are making utmost preparations for the fast approaching event of the block halving reward in the crypto space.
Analysis has it that a free fall from $6,900 to below $6,000 is possible by the end of April. Bitcoin as a digital asset keeps exchanging hands. Hence, a pennant pattern's support is very essential, otherwise, a breakdown below it could lead to the not so appealing free fall.
However, the recent weakness in the crypto market and the current look of things in the space has not outrightly diminished the hopes of some traders as they are expecting Bitcoin to rally higher amidst the bearish cloud and the already inflicted impact of the corona virus pandemic.
The crypto asset has held the six-hour trend and thus, it is confidently prepared to bounce off this trend level and continue back to $7,400 in few days to come. Traders and miners in the crypto space remain bull biased unless there is a decline in price below $6,500.
However, in spite of the coronavirus pandemic and hyperinflation, the potential death of Dollar only tells Miners and Traders that a silver lining lies beneath the bearish clouds for Bitcoin.