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May 18, 2021
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Guide & Analysis

Bitcoin (BTC) – Another attempt to exceed $ 7,000?

Are there still chances that Bitcoin (BTC) will be above $ 7,000?

Bitcoin (BTC) has made yet another attempt to reach $ 7,000. At the moment, all cryptocurrencies in the top 10 list by market cap are in the green zone.

The current growth of currencies has positively affected the total market capitalization of cryptocurrencies, which has increased and is currently $ 183.2 billion.

The relevant Bitcoin data are below.

Name: Bitcoin

Ticker: BTC

Market capitalization: $ 122 623 892 132

Price: $ 6,704.62

Volume (24h): US $ 36262632909

Change (24h): 0.86%

These are the relevant data at the time of writing.

BTC / USD: is $ 7,000 the last resistance before a deeper decline?

Support was not broken and Bitcoin (BTC) continued to trade around $ 6,600. The value of the main cryptocurrency has increased by 0.78% in the last 24 hours.

Bitcoin (BTC) is getting close to $ 7,000; however, this growth is not accompanied by an increase in turnover. In this case, there is a good chance that it will be a false valuation which would generate a deep decline right afterwards.

In terms of fundamentals, today is the expiration of Bitcoin futures contracts, which is generally a bearish signal. In short, traders can expect an increase to $ 7,000, followed by an additional decline.

On the daily time chart, Bitcoin (BTC) is located within the Wedge pattern, which is bearish. After a possible rise to $ 7,000, the decline will continue. Regarding the long term, the decline may continue with life support at $ 6,000.

Bitcoin (BTC) is currently trading at $ 6,642.

Source: U.Today

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