Despite the current price above $7000 PTS still threatens to fall to $5200: analyst

Несмотря на текущую цену выше $7000, ВТС все еще грозит падение до $5200: аналитик

April 6, bitcoin (BTC) has finally reached the $7,000 after a few tense days, ending a sudden surge on the first day of a new week.

Resources monitoring data show that BTC/USD is out of the range of $6000 and, at the time of writing, reached a three-week high of $7140.

Despite this, it is unknown whether bitcoin support level of $7000, or a repeat of the fall of the past weeks.

The daily chart of bitcoin prices. Source: CoinMarketCap

It was not immediately clear which is the catalyst for a new power of bitcoin prices. Sunday

futures traditional markets increased sharply, while analysts warned that the uncertainty in oil production can cause severe fractures of the increase last week in the cryptocurrency industry.

The uncertainty in traditional markets in recent weeks more and more played into the hands of bitcoin. The main cryptocurrency was able to recover about 70% of the value lost after a deep dive to $3700 on March 12.

$7000 should support: analyst

On Monday, the BTC/USD was at a critical stage, said analyst Michael van de Poppe (Michaël van de Poppe). If the region is between $6966 and $7177 can become a strong support, it will be the key factor to change its bearish trend.

In the end, the analyst said:

“If that happens, I think bitcoin will be at $5200 and possibly below. The rising wedge with volume reduction turns into resistance in the downward movement.”

The analyst conducted a survey on his page in the social network, which demonstrated the mood of the subscribers. According to most users, again bitcoin will drop to $6400 before it reaches $7600.

Meanwhile, last week, bitcoin trader Tony Weiss said that he is sure that in April, bitcoin marked a significant achievement.