Bitcoin markets have been sowing promising signs of growth this week having recovered swiftly despite a weak start which saw prices fall under the $7000 mark.
As seen on graphs below, prices have risen 1.65% over the last 24 hours to hit $7047 at the time of writing.
Currently markets are relatively stable with small price fluctuations pushing prices up or down 1-2% on a daily basis. This week prices bottomed just under $6900 for a brief moment before recovering swiftly to the $7k range where considerable support remains. In line with the lows seen earlier this month which pushed prices down to the $6.1k range, indicators currently suggest markets have gained a strong wall built at the $7k area. In the long run prices are set to increase further to the $7400 range as markets gear up for a potential bull run as the RSI currently indicates a bull run is extremely likely within the short term. Furthermore, analyst’s have predicted if market conditions break through the $7200 mark, market conditions will remain favorable for a bull run to the $7400 range.
On the flipside, if bitcoin markets dip below the $7k mark to replicate lows seen earlier this week, we see a bearish market period settle in pushing prices further into the $6k region. Current trends show prices could fall to lows of $6650 or even lower depending on the rate of descent.
Ultimately, a weak buy remains on bitcoin with adding 4-5% on top of your bitcoin holdings may prove to be a valuable investment. You can purchase bitcoin at Nigeria’s leading exchange, NairaEX and have your purchase delivered within a matter of hours !
This article is not meant to replace trading advice. Please invest at your own risk. BTC.ng or the author can not be held responsible for any financial loss which arises. Remembers losses can exceed deposits so please trade responsibly.