During the last week’s close off, the Bitcoin price hit a new low of $6,575. But, surprisingly, the value of the Bitcoin suddenly jumped up to $7,176. This is a strong indication that the price will drop further to reach $5,800.
Investors face a do-or-die situation:
Even though the investors were very relieved after witnessing the rise in the Bitcoin price, it still expected to drop further.
The rise to $7,176 was very encouraging, but the necessary push above the value of $7,200 or even a close at $7,000 failed to occur. Hence, it is very much advised that the investors should reclaim and cash it when it is still in their range of $6,800 to $6,900. This would be a step in the right direction as the Bitcoin price is strongly expected to slip down to the range of $5,000 to $6,000.
Traders are now observing to check whether the price will reach $6,800 again or reaches a close above $7,000. According to an analysis, if the value drops to $6,200, this will increase the likelihood of a $5,800 retest.
One development which could impact on the Bitcoin price is that Donald Trump tweeted that he had made a deal that would end the oil war between Russia and Saudi Arabia.
The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!
— Donald J. Trump (@realDonaldTrump) April 12, 2020
The S&P 500 and Dow futures dropped by some level as even CME Bitcoin futures dropped. This will reinforce the discussed correlation between Bitcoin price and the equity markets.
As the value of the Bitcoin dropped, top-10 altcoins also suffered some losses. Ether pulled back by 2.40 percent as Litecoin lost 4.33 percent.
The overall cryptocurrency market cap stands at $191.7 Billion.
Check out BTCUSD Chart on Tradingview.
