Bitcoin at $7000, What You Should Know

Bitcoin at $7000
Analysis Bitcoin Sets New 8-month Record at $7000

Just days after breaking the $6000 benchmark, Bitcoin has hit another milestone high of $7000; following months of dip and stagnation in cryptocurrency prices.

Here are a few highlights of its recent parabolic rise:

  1. The number one cryptocurrency by market value (Bitcoin) is currently trading at between $7200 and $7,400, up by 8% in the past 24 hours.

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  1. By this move, Bitcoin has increased by 114% since the start of 2019.
  2. Bitcoin went from $6200 to $7000 in a week.
  3. BTC hit $7000 for the first time in 8-Months.
  4. At the time of this publication, Bitcoin’s market cap stands at $125 billion with its market dominance at 58%.
  5. Bitcoin’s global trade volume has broken a new record with $29 Billion in BTC volume as against a previous high of $25.5 Billion in January 8th 2018.
  6. Bitcoin is now -63% from its previous ATH price of $20,000.

Analysis

Analysis across the cryptocurrency community are in varying views, few people believe that this could be the bull run; others however opine that this could be a short squeeze or spike.

Some more bullish analysts say if the BTC/USD pair support holds, $7800 0r $8000 is possible therefore strengthening claims of possible rally; with a bull cross of the 100-and 200 day moving averages (MA) visible for the first time since July 2015.

Pull backs, if any are likely reversed at $5,450 but at this time, BTC charts show a clear uptrend, as short and medium term price predictions remain Bullish. It would be interesting to see how the market reacts and if the $8000 mark is reached in the next 24-48 hours.

Technical Indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.

Stochastic RSI – The RSI for BTC/USD is currently in the overbought zone.

Major Support level – $6,980, $6,850, $6,790, $6,640, $6,515

Major Resistance Level – $7000, $7,110, $7,383, $7,500, $7,624, $7,921

Enjoy your gains!!!

Written By

CryptoEnthusiast, CryptoEducator, Angel Investor, Writing Pro and Techie

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