Why can’t Bitcoin rise? 3 obstacles between BTC and $ 7,000

Bitcoin (BTC) slowly gained value after a major correction two weeks ago. He is now struggling to break the $ 7,000 mark, but a number of factors continue to prevent him from breaking this important price line.

Uncertainty in Global Markets

All commodity markets have been shaken in the past few weeks. Price decreases are seen as an opportunity for investors, but more volatility is afraid. Ironically, the recovery in the price of Bitcoin in the past few days has increased this fear even more because usually such movements are withdrawn. In this context, it was understood that Bitcoin is not different from precious metals or stocks that have undergone a slow recovery since the last collapse.

$ BTC HTF Update

Still no clear signs of which direction we will be heading next as PA repeatedly tests this strong region around $ 6800- $ 7000, flipping this into support would be great!

Personally not going to long into such clear resistance but which do you see playing out? pic.twitter.com/lbbbfwp9 is

– Crypto Cactus (@TheCryptoCactus) March 26, 2020

Bitcoin approached the $ 7,000 barrier yesterday, which shows that many crypto buyers are eager to raise the price even further. However, many investors have to overcome the fear that the Bitcoin price may collapse once again.

Cash is Stronger than Bitcoin

Countries have seen their economies almost close as a result of the COVID-19 outbreak. Enraged people who need fast cash have all their assets, including Bitcoin, disposed of in bulk.

Likewise, even financially stable investors are hesitant to buy Bitcoin because they are afraid of future economic challenges. Simply put, when people are concerned about paying their bills, they keep their money under their pillow.

Governments rushing for financial relief can provide tremendous support to Bitcoin, as it will ease most of these fears. The best of these incentive packages is the injection of 2 trillion dollars into the market by the US Congress. The distribution of such a huge amount of money will spark the wave of spending, which will undoubtedly be good for the value of Bitcoin.

Potential Investors in Panic

People under the age of 35 represent the largest crypto investor group, especially in the developed world. Many paused their interest in the crypto market, as it addressed the final cut in their daily routine. Numerous young people, adults and families find it difficult to tackle their modified work obligations. In addition, millions of university students had to leave their campuses.

These individuals must return to their normal lives before they start investing in Bitcoin. The good news is that many people will undoubtedly be willing to buy Bitcoin when the current global health crisis is gone.