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April 21, 2020 @ 15:00 +03:00
Bitcoin lost more than 4% over the last 24 hours and trading around $6,900, under a critical round level. However, we are not yet talking about a massive sale, as evidenced by cautious purchases immediately after Bitcoin was below $6,900 at some point. Altcoins from the TOP-10 drop 4-7%, duplicating the price dynamics of the benchmark cryptocurrency.
Looking at the chart, we can see that in April the support was formed on the way to $6,500. Earlier, in late March, this level acted as resistance. Now, we see increasing of buying when the bitcoin dips below this level, with the upper boundary near $7,500.
Now all market participants are witnessing the development of the epidemic situation and the reaction of central banks. Institutional investors are now quite a severe force of influence on the crypto market; these events will have an impact on digital currencies.
The FxPro Analyst Team