If Bitcoin doesn’t reach $7000, it will roll back

27.03.2020 17:00:01

This week the cryptocurrency market volatility weakened, Bitcoin has been trading in the range $6300-$6800 over the past few days.

Analysts agree that if the first cryptocurrency cannot exceed $7000 soon, then it will face a rollback to $6500 or even to $6000.

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At the time of publication of this review, BTC is trading at $6650 on the Bitstamp platform.

The average Bitcoin rate is around $6650. BTC was able to grow to a maximum of $6989 this week, but then the negative trend became dominant again.

The cryptocurrency could not grow even despite its strong correlation with the S&P 500 stock index. This indicator rose to 2530 points in two days.

In the US business activity strengthened slightly after President Donald Trump announced an increase in assistance to citizens and businesses.

According to Luno exchange analyst Vijay Ayyar, the inflow of capital into the crypto sphere should increase after the stimulating steps of the Federal Reserve. However, the same expert doubts that the first cryptocurrency will be able to make a breakthrough, even if the mood improves in the stock markets next week.