[BTC] Bitcoin Price Analysis: Can The $7000 Level Sustain?

Bitcoin is the apex cryptocurrency – one of the biggest and the most popular names in the markets. The currency has been going through a major downtrend over the past couple of days and has fallen below down to the $6000 mark – the lowest levels in over six months. However, after hitting the rock bottom, Bitcoin has been slowly clawing its way back to the top. 

The currency has found a support at $6300-$6500 levels and has, as of this writing, managed to cross the $7000 levels once again. However, crossing the figure won’t suffice as the bigger task at hand for Bitcoin is to sustain the price. The currency has crossed this level a number of times in the past weeks – but keeps falling below $7k. Could this time be the lucky charm?

Bitcoin prices over the past 24 hours have fluctuated from $6878 to $7070, which is the highest point of the day, as well as the price point at which the currency stopped ended the 24 hour trading period. Over the past 24 hours, Bitcoin’s market cap jumped from $116 Billion to $119 Billion – Growing by $3 Billion over the day.

Bitcoin started the seven-day trading period at a price of $6759 and closed the week at $7070. However, over the past seven days, the currency peaked at a high of $7522 – which was a momentum Bitcoin price was unable to maintain. It appears that a line of resistance has formed at the $7500 level, which keeps pushing the prices back. 

The lowest point of the week came early on in the week when Bitcoin price hit $6520. However, from there, it recovered by over $500 to end the week at $7070. The currency’s market cap went from $110 Billion to $116 Billion – gaining $6 Billion over the week. Bitcoin’s market cap peaked at $127 Billion when price touched $7500. For Bitcoin to enter a proper bull-run, the currency needs to sustain the $7000 level for at least a week and form a strong support at the level. 

For more Bitcoin price related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis. 

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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice. 

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