Bitcoin Prices Reach $7,000 Again, Where To Next?

The Bitcoin prices reach the $7,000 price level again after a few days of gains for the benchmark cryptocurrency. BTC experienced a drop back on Wednesday and dropped from the week-high of $8,460 in just a few hours as per the charts that we have in our latest bitcoin news.

The drop in value was extremely steep since the Bitcoin prices reached an 8% drop in a few hours and have remained at the$7,000 positions ever since, leaving everyone in question what the next level will be for the cryptocurrency. although some analysts fear the worst after an 8% drop, a lot of prominent traders keep their heads up high.

The prominent crypto trader Dave the Wave who called Bitcoin’s decline to $6,400 a few months ago, noted that the number one crypto will consolidate back to the $7,000-odd range adding that most data he sees suggests that a macro bottom was initially established for the cryptocurrency. Also, another analyst under the name Financial Survavilism said that the latest surge a week or so ago which was noted according to this Wyckoff analysis, BTC will consolidate into this range before ranging towards the ,000 range thus fulfilling the accumulation pattern.
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Bitcoin’s long-term fundamentals remain intact and at the turn of the year Bitcoin’s hash rate- the computational power processing BTC transactions hit a new all-time high on the 1^st day of 2020. This all-time high was 119 exahashes per second or 119 with 18 zeroes after it. This movement came after the crypto research company TradeBlock revealed that 2019 was the record year for Bitcoin’s network regarding the transaction count and the value of coins sent denominated in USD value. While the bulls are confident, it is extremely important to point out that $8,400 was a very important key level from the short-and-medium term perspective which means that the rejection pattern from the previous level could be bearish.

Josh Rager, the popular crypto analyst, and investor pointed out that $8,400 was a key level of support for Bitcoin over the past months which means that BTC failed to regain the level on the notable time frames which is a sign that we are ‘’not out of the bear woods yet’’ according to Rager. This also means that investors have to take the Bitcoin trades ‘’level by level, day by day.’’