During yesterday’s Bitcoin (BTC) session, the cryptocurrency itself was sliding down, eventually falling to 6 200 USD level. At the end of the session, BTC price rapidly increased and reached 6 600 USD. Today was the day of testing weekly highs above 6 700 USD by Bitcoin. The cryptocurrency began the test, and then got slightly corrected.
Bitcoin price increases by 5% in 24 hours
According to the data from CoinMarketCap, yesterday’s BTC session was opened on 6437 USD and closed on 6607 USD. It means an increase by 107 USD, so about 2.6%.
Currently, BTC price is 6 670 USD.
Bitcoin price - analyst opinions and speculations
Currently, the biggest obstacle for further BTC price increases is the resistance zone of 6 700 - 6 800 USD. According to some of the analytics, reaching price level above 7 000 USD is not going to happen. They see greater chances in re-descending around the local holes of 5 800 USD. However, there are still many optimists on cryptocurrency market.
According to analyst, Michael van de Poppe, breaking the 6 800 - 7 000 USD zone would be a bullish sign. In this case scenario, there is a high probability for a rally towards 7 800 - 8 000 USD, says the analytics. Although Van de Poppe assumes the possibility of a slump in prices, but in the long term (next 4-6 years), he has a extremely bullish expectations when it comes to Bitcoin price.
Another analyst, Josh Rager, says that despite a 7% price pump during 4-hour candlestick, Bitcoin has to stay above the resistance of 6 600 USD to avoid another collapse. Moreover, he says, that after breaking this level, he expects BTC to reach above 7 000 USD.
Another April Fool’s joke?
It is worth mentioning, that on the 1st of April 2019, Bitcoin’s price has increased by 20% during one day, and reached price level of 5 000 USD. It was a first break after 4 months fluctuations. By that time, Bitcoin started a bullish ride, and reached 14 000 USD in June 2019.
Although latest increases are nothing to be compared with last year’s increases, it might be good sign what we can expect in the 2nd quarter of year. Bitcoin halving is coming. This good start of the second quarter is certainly comforting for the bulls, but they still did not manage to come out of bear forests.