Leading cryptocurrency Bitcoin (BTC) rose to $ 6 thousand 599 a few hours ago. It was a surprisingly productive day for Bitcoin price per week. According to CoinMarketCap data, BTC was trading at $ 6 thousand 456 with a slight withdrawal at the time of writing.
Despite news such as the deaths related to the coronavirus in the USA reaching 3 thousand, many companies firing 500 thousand workers in total, traditional markets started to rise day by day. The S&P 500 gained 3.35 percent, Dow and Nasdaq 3.19 percent and 3.62 percent, respectively. Daily Price Table
In a recent analysis, Bitcoin; To prevent the price from falling back to $ 5,870 again, it had to regain the $ 6,200 level. Returning to $ 6 thousand 200 put the price above the decreasing trend line and 23.6 percent Fibonacci recovery level.
Renowned analyst Michaël van de Poppe stated that the price could rise to $ 6,500 when it exceeds $ 6 thousand. Poppe said that the price today hovers between $ 6,500 and $ 6,590 in the volume gap in the VPVR indicator. Despite today’s impressive gains, van de Poppe thinks that the price of Bitcoin, which remains below $ 6 thousand 900, is still in a downward trend and the price will face stiff resistance. According to Van de Poppe, both bull and bear scenarios revolve around the $ 6,500 area. According to him, if BTC refuses from the $ 6,500 area, a downward pressure may occur.
May not be enough for BTC
BTC’s rising above $ 6 thousand 900 may not be enough to stop the downward trend. A strong resistance of $ 7,200 is expected after this level. In case of rising above 7 thousand 200 dollars, investors will set their targets to 8 thousand dollars with 50 and 200 day moving averages.
Most of the top 10 altcoins experienced moderate gains, with the price of Bitcoin rising to $ 6,500. Ethereum (ETH) gained 3.57 percent, while Bitcoin SV (BSV) and Binance Coin (BNB) rose 9.66 percent and 5.50 percent, respectively.
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