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While Bitcoin is trying to gain a foothold above $ 7,000, analysts have found from the data that large market players are currently using Bitcoin again. This could be a sign that further volatility is imminent in the coming days and weeks.
Traders expect this next move to bring bears to the fore as the price of the model cryptocurrency on the popular cryptocurrency trading platform Bitmex hasn’t yet seen the old lows. This could mean that the price drop is still coming.
Bitcoin is trying to stabilize above $ 7,000, but analysts doubt it
Bitcoin is currently trading just over 4% above its current price of $ 7,050, marking a remarkable surge from its recent low of less than $ 6,800. This was left behind yesterday after the cryptocurrency hovered at this level for an extended period of time.
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The reaction to the support that has established itself around this level is certainly a bullish sign in the near future, although Bitcoin is still showing some weakness technically as long as it stays below its resistance at $ 7,200 and $ 7,500.
At $ 7,200, the cryptocurrency had found remarkable support when it was in a consolidation phase in the lower $ 7,000 region, then encountering strong resistance at $ 7,500.
Analysts do not seem to expect these levels to be overcome yet, as a prominent trader named Mac recently remarked that he expects BTC on Bitmex to hit the same lows at $ 6,600 before being able to move higher climb.
Same lows $ 6,600 – [Bit]mex. I don’t think I’ve ever seen the same lows not been reached, so yes, we’ll go there sooner or later.
If you look at the chart he is referring to in the tweet, it seems that he expects the cryptocurrency to see a bullish recovery from that level.
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Analyst: BTC buying wall suggest that big players are entering the market
Red, a highly respected crypto trader, recently tweeted that the massive bitcoin buying and selling walls he’s currently struggling with seem to indicate that one or more key players have decided to re-enter the market.
My opinion of the massive walls is the decision of one or more players to re-enter the market. In any case, these pennants tend to intercept shorts. It’s Sunday too … you know how it goes. I guess we see something above this pennant, about 7,000 for OKF, ~ 7070 [Bit]Mex, ”he said.
My take on the massive walls is the decision to hop back into the market by one or a couple players.
Anyway, these bear pennants tend to trap shorts, it’s also sunday… you know the drill. I’d reckon we see slightly above this pennant, around 7k for OKF, ~ 7070 on Mex. $ BTC pic.twitter.com/nDeD7c2mwf
– red (@redxbt) April 12, 2020
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This seems to indicate that Bitcoin could go higher if the bulls try to catch shorts, which could be followed by a sharp decline.
Source: NewsBTC
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