Bitcoin Goes Above $7,000 But Must Defend These Levels Now

Bitcoin managed to retake the $7,000 level on April 6, which is days after preparing to breach this level as the new week began. Now, Bitcoin goes above $7,000 but the imperative is to keep above this level and defend it against the bears.

According to data from Coin360, the BTC/USD pair exited the $6,000 range in a snap move which took the markets to their three day highs of $7,080. While holding at press time, the Bitcoin price news show that BTC is stable in this region and could sustain the support placed at $7,000. The latest push downwards will be crucial about its price performance in the near future.

As to the impetus for Bitcoin’s newfound strength, we can certainly say that it is not exactly known when it came from. On Sunday, the traditional market futures had risen sharply, while the analysts warned that the fresh uncertainty about oil production could spark a heavy reversal of last week’s gains in this sector.

Speaking of which, market uncertainty is now a thing that is crucial. It managed to benefit Bitcoin in the recent weeks and especially now, when Bitcoin goes above $7,000. As data shows, BTC managed to maintain roughly 70% gains versus its deep low of $3,700 from March 12.

This Monday, BTC/USD is in a critical stage. Compared to last Monday, the performance is far better. As the popular analyst Michael van de Poppe sums up in today’s crypto news, support is a key factor in dictating the price in the near future:

“If not, I’m still aiming to see $5,200 and perhaps lower. Rising wedge with decreasing volume going into resistance in a downtrend.”

Last week, we saw analysts including Tone Vays stating that they remain confident about more significant Bitcoin price upside hitting at some time in April this year. Now, this theory may play out nicely and push BTC even above these margins and closer to $8,000.

In times of a pandemic, we can see that Bitcoin goes over $7,000 and is slowly establishing solid levels – unlike the stock market which is crumbling and with lack of support. Meanwhile, the price of gold is also on the outlook – seen as one of the safe havens in times of crises.