March 8, 2021

Cryptheory

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Bitcoin dropped below $ 7,000: Another rescue level must endure

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Bitcoin dropped below $ 7,000: Another rescue level must endure
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The fall of Bitcoin stopped at the level of 6900 USD. This level has historically proved to be very strong support, from which the price was often reflected. However, if it fails, digital currency investors may expect a further fall in price.

 

Traditional markets are closed today, so the fall of Bitcoin is no exception. During the holidays, trading volumes tend to be smaller, making the cryptocurrency more vulnerable to the emotions experienced by all digital currency investors. The crisis around the new type of coronavirus is far from over.

Price fall? Level 6900 must withstand

Many commentators anticipated the fall. The king of digital assets failed twice to consume a level of around $ 7400. Such a sign is often a clove to the coffin in the short term. And some correction eventually came. At the time of writing, the cryptocurrency traded just above 6900 and minus 5.14%.

Small liquidities often use whales to manipulate the market. This theory is also confirmed by the Whale Alert channel, which monitors the large BTC shifts on the blockhain. An unusually large increase in movements was recorded just before the holidays. Often these were movements from exchange offices that point to closing positions before the four-day off. However, several bulky transactions went to them.(Check our “Crypto News of the Day”)

And there were too many to ignore them.

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