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Bitcoin [BTC] Price Analysis: Correcting Below $7,000 but Bulls Are Still On Track

Bitcoin might have dipped below $7,000, a bump, but there is much more we can glaze from recent events that point at bulls. First off, the definitive halving is less than 30 days from now.

 A rare events that only happens once every four years, the reduction of miner rewards will be consequential for weak miners, yes, but for price. There are challenges going forward.

Bitcoin community is Diverse and different from 2016’s

The Bitcoin community is now more diverse and deep and there are more miners that before, a feature that gives Bitcoin its robust feature.

Its decentralization is questionable but adoption is another level. More users are using the network to move value without intermediation and this has reflected in price and acceptance.

Fold, Visa, and BTC rewards

Fold in a partnership with Visa, Fold will issue a physical card in July 2020 where users will be compensated with a 1% to 2% cash rewards in Bitcoin for every purchase they make from any of the over one million merchants that accept Visa. This is one of the many positive scores that make Bitcoin what it is: Resilient, acceptable, and an alternative to fiat.

Will Reeves, the CEO of Fold, the crypto startup that’s working with Visa to make this possible, lauded the properties of BTC as sound money and a high performing asset, saying:

“A lot of people say, ‘what’s so great about Bitcoin rather than regular rewards?’ My answer is Bitcoin preserves the freedom and flexibility of cash, while giving you the upside of a high performing asset.”

BTC/USD Price Analysis

Chart

Week-to-date, BTC price remains in range, up 2%, and above the $6,500 support level. Still, bulls have change despite the sell off from the upper BB. Going forwards, aggressive traders can buy the dips as long as prices are trending above $6,500, our first buy trigger level.

On the flip side, sellers have a tight grip on processes. First off, prices are ranging inside Mar 12-13 trade range. And worse, volumes in recent times are below average, paling in comparison to the average of Mar 12 and 13 candlestick.

If anything, this is negative, and from an effort versus results perspective, risk-averse traders can wait for a complete reversal of losses. Specifically, any close above $7,900, reversing losses of Mar 12, could build the case for bulls and a re-targeting of $10,500 or Feb 2020 highs.

Should bears fall below $6,500 and $5,800 minor support, odds are BTC may discouragingly drop to $5,000.

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.


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Dalmas Ngetich
Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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