RATE Group | Why $7,050 is the Level to Watch During Bitcoin’s (BTC) Weekly Close
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Why $7,050 is the Level to Watch During Bitcoin’s (BTC) Weekly Close

19 Apr Why $7,050 is the Level to Watch During Bitcoin’s (BTC) Weekly Close

Posted at 14:12h in Bitcoin News by

In brief:

  • Bitcoin (BTC) encountered massive resistance as it tried to break $7,300. 
  • At the same time, its trade volume has been dropping together with its dominance in the crypto markets. 

In our analysis of Bitcoin (BTC) a few hours ago, we were cautiously optimistic that the King of Crypto was on a slow and tense journey towards $8,000. We also identified a few support zones that include $7,050, $6,900, $6,800 and $6,600.

Why $7,050 is the Level to Watch During Bitcoin’s Weekly Close

Further analyzing the aforementioned support zones, we realize that the $7,050 zone is the last area of defense for Bitcoin before it drops back to familiar levels below $7,000. Therefore, if this level breaks in the next few hours, we will most likely retest $6,900 and possibly back to our strongest support thus far of $6,600.

Why $7,050 is the Level to Watch During Bitcoin's (BTC) Weekly Close 18
6-Hr BTC/USDT chart courtesy of Tradingview.com

Revisiting our favorite 6-hour BTC/USDT we begin to spot a few areas of weakness for the King…

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