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May 18, 2021
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Guide & Analysis

Bitcoin (BTC) – Growth to $ 7,000 remains questionable

Has the short-term growth of Bitcoin (BTC) ended?

This analysis provides an overview of how Bitcoin (BTC) has fared and how it will behave from now on.

The cryptocurrency market has lost strength for continued growth, despite the fact that most of the top 10 currencies are in the green zone.

However, a slight recovery has influenced the total market capitalization value, which has increased by about $ 3 billion since yesterday.

The relevant Bitcoin data are below.

Name: Bitcoin

Ticker: BTC

Market capitalization: $ 117 926 694 477

Price: $ 6,445.12

Volume (24h): $ 3595533980

Change (24h): 1.98%

These are the relevant data at the time of writing.

Can BTC / USD still reach the $ 7,000 mark?

Bitcoin (BTC), on the 4-hour chart, continued to move in a range ($ 5,800 – $ 6,900). After the March 29 decline, support for this range near the $ 5,800 to $ 5,900 zone was confirmed.

The main resistance is around $ 6,600. The main support is also around the $ 6,100 to $ 6,250 mark. Using the volume profile, you can see it more accurately at the $ 6,170 to $ 6,190 level.

bitcoin

In the daily period, the decline was absorbed immediately in 2 days (28 and 29 March). While the price is trading above $ 5,900 – $ 6,100, there are chances for continued growth and a test at the $ 6,900 – $ 7,100 level again.

The longer the price remains in the $ 5,800 to $ 6,900 range, the greater the likelihood of an accumulation phase. In that case, a price increase to $ 8,500 can be expected in the medium term. For that, Bitcoin (BTC) needs to stay above $ 5,100, in order not to break the main trend.

Bitcoin is currently trading at $ 6,429.

Source: U.Today

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