Bitcoin may rise above $7,000
BTCUSD pair is changing hands around $6,600 on Tuesday after another failed attempt to challenge the $6,800 key immediate resistance on the way to the $7,000 threshold. The optimism has been gradually abating after the prices rose decently during the weekend, but in a wider picture, the technicals continue to point to increasing bullish opportunities.
The reason behind the recent slide in bitcoin price this week is the negative tone by influential economists Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini as they insist that digital currencies have no future. However, the industry has already got used to remarks of the kind, and this time, BTC will likely shrug off the skeptics’ highlights in the near future.
Traders will focus on technical factors down the road. There is a good chance that the cryptocurrency will stage another weekly rise after two weekly gains in a row. The bearish pressure looks limited at this stage, and as long as the price keeps above $6,400, the $7,000 mark remains in play. The nearest hurdle for buyers is the $6,800 region.
The reason behind the recent slide in bitcoin price this week is the negative tone by influential economists Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini as they insist that digital currencies have no future. However, the industry has already got used to remarks of the kind, and this time, BTC will likely shrug off the skeptics’ highlights in the near future.
Traders will focus on technical factors down the road. There is a good chance that the cryptocurrency will stage another weekly rise after two weekly gains in a row. The bearish pressure looks limited at this stage, and as long as the price keeps above $6,400, the $7,000 mark remains in play. The nearest hurdle for buyers is the $6,800 region.
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