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Famous Trader Makes $ 5,000 Alert While Defending Bitcoin Key Support Point

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Famous Trader Makes $ 5,000 Alert While Defending Bitcoin Key Support Point.

Bitcoin struggled to reach $ 7,500 today. Although it could not reach the relevant point, Bitcoin firmly protected the key support point of $ 7,000.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin Key Support Point $ 7,000

Coin360 and Cointelegraph Markets data show that on Wednesday, BTC / USD trades took place in a hard $ 300 corridor and maintained the highest fluctuation between $ 7,100 and $ 7,410.

Bitcoin 1-day price chart. Source: Coin360

Stronger performance brought about a rough increase in traditional markets. This continued to erase previous losses in the hope that the corona virus outbreak would begin to decrease.

At the time of writing, BTC / USD hovers around $ 7,260, but at the point where the price goes further, analysts warn that overall power is lacking.

Market analyst Michaël van de Poppe stated that if a rally for $ 7,400-7,600 was found in a tweet Wednesday, it would be bad to lose the $ 6,900 level and the price could reach the $ 5,800 level.

Van de Poppe: “Volume Does Not Add to the Price”

An important focus was Bitcoin miners on the day the Bitcoin Cash hard fork took place and the block reward halving event took place. The BTC block rewards will be halved next month. In addition, two days later, the hard fork of Bitcoin SV , another Bitcoin fork, will take place. It is wondering whether Miners will switch to the Bitcoin network as mining rewards are halved in these coins.

At the same time, BTC’s mining difficulty increased 5.4%, a similar increase is expected in the next correction within two weeks.

For those with BTC before the coronavirus turbulence hit prices , the cryptocurrency protected them from losses. Today, BTC / USD draws a stable outlook at $ 7,260.

However, van de Poppe emphasizes, “Adding volumes to the price does not increase in this troubled situation,” avoiding risk. Finally, Van de Poppe says, “It is more likely that we will see $ 5,000 as a test for the period of support and accumulation than we will move towards $ 9,000-9,500” for BTC.

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