$7000 is the market indicator for BTC

02.12.2019 13:43:51

At the beginning of the new week, Bitcoin is still trying to stay above $7000, but among traders, the position of those who put a quick weakening of a coin below this level is strengthening.

At the time of the publication, BTC is trading at $7302, the market capitalization of cryptocurrency exceeds $132 billion.


Nevertheless, the chances of growth for BTC remain if it can remain above the mentioned level of support. In the case of a decrease in the price of Bitcoin below $7000, sellers' pressure will increase and the price may reach the level of $6600 - the low of November. Now the $7000 mark is an indicator of bullish continuation in the market. If this indicator holds, BTC will be able to regain the resistance of 7400 and 7800 dollars, which was recently lost.

The MACD technical indicator is giving bullish signals despite a recent price decline. Another technical indicator RSI shows a possible rebound in the price of Bitcoin at around 30. Nevertheless, if Bitcoin falls below the level of technical indicators, it is likely that sellers will increase pressure.