Bitcoin Price Moves Closer to $7,000 as Cryptocurrency Market Posts Small Gain

The Bitcoin price has been stable in the last 48 hours, $6,800 region. There has been a minor drop from $7,100 to $6,700. However, BTC’s price has been able to sustain its stability.

A potential move to the $7,000 region for the coin is likely.  The dominant cryptocurrency has avoided a further drop from the $6,700 mark to $6,500. Traders expected the BTC price to drop down to the low $6,000 region. But, bitcoin was able to prevent a drop to $6,500 and rebound from that level.

Read more: Bitcoin bull run approaching after worst Q1 in history!

A key level to watch is $7,200. So, breaking that support level could lead to a potential price surge to $7,500. BTC has avoided a big drop in value by rebounding from its recent price fall.

While the Relative Strength Index (RSI) and Williams’ Percent Range point signify oversold conditions for BTC, the two momentum oscillators have shown oversold conditions over the past two weeks. Hence, during this period of extreme volatility, the RSI and WPR can be considered as useful indicators, but are not sufficient to predict the price trend of bitcoin.

Exponential Moving Average (EMA) suggests an upward trend in the short-term if the Bitcoin price can hold its current level at $6,850.

Volumes on major cryptocurrency exchanges including Bitfinex, Bithumb, and Binance (BTC-to-USDT) remain relatively strong, demonstrating that the demand towards bitcoin is growing slowly.
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