Bitcoin (BTC) has shown strength over the last few weeks of trading, managing to surge above $7,000 and trade as high as $7,300 before pulling back to the $6,800 range, where it’s currently trading.
However, when you zoom out and look at the weekly chart, the latest moves look far less bullish.
There appears to be significant resistance at the $7,000-$7,300 level. Notably, this level previously acted as a major support area for Bitcoin throughout the latter part of 2019 before it gave way in December.
Furthermore, the increase over the last three weeks has been on significantly decreasing volume. If Bitcoin is unable to break through this level in the next week or so, we could be looking at a support-resistance flip situation that would indicate more downside ahead.
However, the market is currently in uncharted territory with the global economic situation. As Voyager’s Tess McCurdy points out in her weekly recap, central banks’ willingness to print money to combat the economic downturn may push investors toward Bitcoin.
Investors can trade Bitcoin comission-free and earn $25 in BTC by signing up for the Voyager app through this link and trading $100 (or use code: SLUDGE25).
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.