Bitcoin got support on $6500

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