Is Bitcoin (BTC) strong enough to rise to $ 7,000 on its first try?
Currently, neither bulls nor bears control the situation in the cryptocurrency market. Currently, Tezos (XTZ) has risen 2.79 percent since yesterday among the top cryptocurrencies.
The current trend has positively affected the Bitcoin (BTC) dominance rate, which continues to strengthen and currently reaches 66.1 percent.
Will it rise to $ 7k soon?
Yesterday, buyers continued their attempts to cross the blue corridor’s upper limit. They were able to leave a single channel and earned $ 7,026 in narrow consolidation.
However, Bitcoin (BTC) received support at $ 7,200 at the average price level. Still, there is a high probability of a deep retreat afterwards.
In the 4-hour chart, traders can expect a correction at the lower level of the rising channel. The short-term bearish weather was also confirmed by the downward trend in the RSI indicator. In summary, the turnaround could be the $ 6,400 area that serves as a strong support zone.
The famous analyst Crypto Michael, however, stated this to be interesting several hours ago, stating that BTC was in the $ 6,900 test area. The analyst later announced that he beat 6 thousand 900 levels.
$ 6,900 test, here we go.
Interesting times! $ BTC the #BITCO
– Crypto Michaël (@CryptoMichNL) March 25, 2020
According to CoinMarketCap data, Bitcoin was trading at $ 6,554 at the time of writing.
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