Wall Street ended lower on the first day of the week, as attention turned towards the earnings reports of companies. However, Bitcoin investors seemed unfazed by this recent update. Earlier in the day, BTC went past the $6,700 mark.
As of writing this article, Bitcoin was shy of $6,900, displaying a 0.38% jump. The day’s range for BTC was $6,824.61 — $6,933.35.
Here’s a look at where Bitcoin (BTC/USD) stands currently:
- The weekly chart of BTC shows that the candles formed have tiny bodies. The volume traded is meager and is on a decreasing trend.
- The 50 weeks Moving Average is just above the $7,150 level. Historically, this line has acted as a resistance whenever Bitcoin’s traded volumes remained low.
- The hourly, as well as the four-hour charts, both point to consolidation for Bitcoin in the short term.
Here’s where the Bitcoin Price is headed from here:
There are a few likely scenarios that might happen for BTC from hereon.
- Bitcoin might break past the resistance at $7,150 and reach the $8,000 mark. This prediction is backed by historical data. Bitcoin has usually shot past various levels and skyrocketed after every halving. The halving is likely to take place sometime in May.
- Another situation could be BTC retesting the support at $6,440 and breaking the support. In that case, Bitcoin could drop all the way to below $3,500 levels.
- The final scenario could be Bitcoin continuing on its consolidation phase. This is suggested considering that the situation revolving the COVID-19 pandemic neither improves nor worsens. As of now, this scenario seems more probable than the other ones.
The coming weeks will be crucial for the movement of Bitcoin. The macroeconomic conditions at the time will significantly influence the fight between the Bulls and Bears.
