RATE Group | Bitcoin Price Dragged Below $7,000 By Return to Market Chaos
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Bitcoin Price Dragged Below $7,000 By Return to Market Chaos

20 Apr Bitcoin Price Dragged Below $7,000 By Return to Market Chaos

Posted at 12:40h in Bitcoin News by

Bitcoin price just broke below $7,000 Monday morning after a late Friday evening rally pushed the asset over the key level for the weekend.

However, coronavirus concerns have returned to traditional markets, causing major turbulence to kick off the day, which may have also caused Bitcoin to tumble. Could a repeat of last month’s mayhem and a retest of extreme lows be incoming?

Bitcoin Price Breaks Below $7,ooo After Weekend Retest of Highs

Bitcoin price has been struggling to push through overhead resistance above the mid-$7,000 range all throughout April.

Following the record-breaking collapse in mid-March – now dubbed Black Thursday – the first-ever cryptocurrency had shown a strong recovery from the extreme lows set around $3,800, nearly doubling in value in less than a month.

The bulls that were feverishly buying Bitcoin at such low prices have appeared to have run out of steam. Or it could be that fear, uncertainty, and doubt is getting the best of them once again.

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