Bitcoin below $7.000? What will happen to the cryptocurrency rate?
Bitcoin below $7.000? What will happen to the cryptocurrency rate?

The leading digital coin left the red zone this morning and is now showing a slight increase in price. However, NewsBTC analysts Ayash Jindal and Martin Young believe that the positive trend will not last long.

The leading digital coin left the red zone this morning and is now showing a slight increase in price. However, NewsBTC analysts Ayash Jindal and Martin Young believe that the positive trend will not last long.

On Monday, October 14, Bitcoin went up 0.08% to $8350. NewsBTC experts believe that the position of the first cryptocurrency is precarious. The coin may face stiff resistance at the levels of $8350 - $8400. Analyst Martin Young does not rule out that a support gap could lead to a fall to a maximum of $7.000.

 

On Friday, Bitcoin managed to rise to the $ 8700 price mark; however, it did not hold its position, and on the weekend it dropped $ 8280. The “death cross" loomed on the daily chart; a strong decline in prices may occur already next weekend if consolidation continues. The last time a 50-day moving average fell below the 200-day MA in March 2018, after which a bearish trend was observed in the market for about a year.

 

According to Ayash Jindal, the first cryptocurrency needs to rise above $ 8500 in order to return positive dynamics and continue to grow. If, in the near future, Bitcoin does not reach this mark, then there is a possibility of a depreciation to $ 8146.

 

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