Bitcoin is the apex cryptocurrency in the markets. It continues to dominate the growth of the markets and usually dictates the growth of most other altcoins. However, there tend to be moments when Bitcoin prices have no correlation on the markets. On such instance is today as Bitcoin prices remain relatively stable below the $7k level while almost all altcoins are growing by 4-5%.
The price of Bitcoin has been stuck between the $6500 to $7500 mark for quite some time now. The support as well as the resistance are quite strong and continue to be at odds with neither moving in any direction. Bitcoin has found a strong support at the $6500 mark where it has been for close to two weeks now. However, there’s a strong resistance which forbids the price to cross $7500.
The price of Bitcoin, over the past 24 hours – has been quite stable. The currency started the day at a price of $6,871, peaked at $6,968 and closed the day at a price of $6,825 – a drop of about $50 over the 24 hour period. This is rather absurd because it is usually the Bitcoin prices which drive the markets forward. However, it didn’t seem to have a similar effect this time. Bitcoin’s market cap too, has been very stable over the day, as well as the week.
When you look at the week-long performance of Bitcoin, it is full of constant ups and downs as the currency struggles to find a stable performance over the $7000 mark but keeps on failing to do so. $6,603 is the lowest point of the week while $7,178 is when the price of the currency peaked.
It is now expected that the next seven days would be critical. Bitcoin prices are almost certain to finally find a base over $7,000 and break through the $7,500 mark. However, if that does not happen, the $6,500 support mark too is on a risk. Investing in Bitcoins would be a very tricky investment at this point of in time and we advise waiting till Bitcoin finds a stable base over $7,000.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.