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Bitcoin (BTC) Price Rejected at $6,900 Resistance, $4,800 Is New Target

News
Wed, 03/25/2020 - 14:48
Yuri Molchan
After testing the $6,900 resistance, Bitcoin got rejected, still, some traders remain bullish
Cover image via stock.adobe.com
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Earlier today, the flagship cryptocurrency attempted to break the $6,900 level but failed and made a rebound. After rising a little after that, BTC is now trading at $6,620.

‘$4,800 to be tested in the coming period’

Analyst Michael van de Poppe believes that BTC can still remain in the current area for a while. He assumes that Bitcoin could tap the $7,000 zone once again. However, he tweets that Bitcoin will more likely decline to test first $5,400 and then $4,800.

Related
Young People Keen on Bitcoin (BTC) Amid COVID-19, Mike Novogratz Explains Why

‘Bitcoin halving is in two months, BTC will shine again soon’

Trader ‘Satoshi Flipper’ reminds the community about the approaching Bitcoin halvening. He says that half-a-year after it, long-term BTC investors will look at price levels below $8,000 as a gift and adds that Bitcoin is going to shine again soon.

“Fuck shorting this strength bro, bottom is in and $BTC will soon shine again :)”

Trader CryptoDude’s take is that breaking above $7,000 will allow Bitcoin to continue its bullish trend. Until it happens, he says, BTC is likely to retest lower levels.

“$BTC Trying it's best to reclaim the previous lows. Close above 7k bulls should be back on track. Until then the argument for a bearish retest here is strong. Flat.”

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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