Bitcoin (BTC) Faces Hurdles to Touch $7k

Bitcoin price has been up marginally over the last 24 hours, and its value against USD has moved from $6800 to $6900 in this period. This upside movement may continue for a while, and it may cross a $7000 mark in the upcoming days.

Bitcoin Price Analysis

If we look at the price trend of BTC/USD since the year begins, the currency was trading with moderate bullish influence and crossed the $9k mark in the first month. In February, BTC continued to trade with upward momentum, and it crossed a $10k mark in the first week.

However, towards the closing of February, Bitcoin price started a downside correction and fell below $9k price mark and continued to trade in a similar range till March 7. On that day, BTC faced steep fall and breached $7700 level, and then again, on March 12 & 13, it faced tremendous decline, which took the price below $4500. From this low, it started strong recovery and managed to trade above $6600 till today.

Bitcoin started yesterday at $6871, and in the initial 8 hours, it was pulled back by 1.24% and got to $6785.49. It was followed by a 2.93% recovery that took the BTC price to the highest point of the day at $6982.7 by 17:02 UTC. However, it couldn’t stand at that high for long and started falling.

By 00:20 UTC today, the price was dropped to $6821.10 by 2.31% decline. The last swing for Bitcoin reflected a slight upward movement, and between 00:20 & 04:37 UTC, the price got uplifted to $6929.

The current price of BTC at $6916.46 has been roaming above the 20 & 50-day MA by marginal difference. The MACD indicator shows a bullish crossover. The next resistance seems likely at $7029.