At the moment, Bitcoin (BTC) is trading at a price of 6584 US dollars. The market capitalization of BTC is 113,955,128,370 USD. During the past week, the price was in a rather narrow range, creating a powerful impetus for a strong breakthrough.
Many cryptocurrency experts and analysts are trying to predict whether there will be a decline in prices, or there is a possibility of a rise in BTC ahead. Given that Bitcoin is now trading in the narrowest 20-week range, a breakthrough seems inevitable. And according to a study by the Bloomberg news agency, this time it’s more likely that prices will drop BTC.
Experts note that high volumes of trades and volatility indicators were maintained in the cryptocurrency market, but now they are no longer there, which adds to the bleak colors of the current situation.
A pair of BTC / USD trades with a maximum of 6,584 US dollars, as a fresh interest in the sale, located on the approach to a critical $ 6,600, will not allow the price to rise. The price is supported by the SMA100 and SMA50 at $ 6.529 and $ 6.500, respectively. The next support is at $ 6400.
On the other hand, the resistance created by SMA200 (1 hour) at $ 6,550 separates the bulls from their ultimate short-term goal at $ 6,600. This obstacle simply needs to be overcome in order to consolidate the recovery and open the way to $ 7,000.
What do you think about this?