Bitcoin Price Upscale to $7,000 of Weekly Close

Apr 14, 2020 15:45 UTC

| Updated:

Apr 14, 2020 at 15:45 UTC

By Rajat Gaur

Bitcoin has recently marked with a rally higher, re-settling $7,000 a minute ago. The cryptocurrency has rallied over 3.5% low as compared to the previous weekend, but remains constant figuring by 7% below last week’s local high at $7,470.

Analyst confirms that this particular move is relatable to crypto market dynamics whereas Bitcoin fills the gaps built on the CME’s BTC futures chart. In addition, it is also because investors are optimistic heading into the coming week from the overall markets.

Flib Flib believes that everything is bearish at this current moment. It is like they forgot the CME market closed at $7,300. One of the traders posted a chart indicating that BTC is running bullish at the current situation as it is holding significant support of over $6,800 for a number of candles.

The trader’s expected trajectory will mark $8,000 in the coming three days, which would mark a 14% rally from the current levels.

Mohit Sorout, Partner at Crypto Hedge fund Bitazu Capital shared an opinion that the time will arrive very soon for Bitcoin to top sharing two significant charts to back the point.

It is still yet to clear the opinion which he shared with these charts. The trader also revealed that he is expecting Bitcoin to leverage short positions which are increasingly pushing out the trades and causing a strong rally higher.

Moreover, the chart also recognizes Bitcoin returns between the $7,050-$7,100 range. It is anticipated that there will be a cascade of trade shutting down and this could result in pushing the cryptocurrency toward weekly highs of $7,400 and even higher.

According to the previous report revealed by NewsBTC, On April 10th, Su Zhu, forex fund Three Arrows Capital addressed that there was a huge Ethereum buy wall on Bitfinex. Buyers initiated to put over 250,00 ETH between the range of $156 and $162, registering the cost of $40 million.

Rajat Gaur