Bitcoin below $7.000? What will happen to the cryptocurrency rate?
October 15, 2019
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.