What made BTC fell lower than $ 7000?

[vc_row][vc_column][vc_paragraph text=”While the stock market is closed because of the Good Friday, crypto market is operating as usual. And it`s moving.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Another throwback before the breakout?” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”After the recent trading at a rate above $7000 Bitcoin showed a slight decrease and continued trading at $6850.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The dominant digital asset failed another attempt to rise above $6900 last Sunday, losing about 1% of its price. Despite the throwback, №1 coin continues its move in the recent trading scope since neither bulls nor bears want to give in as there is no new catalyst among the typical Easter calm. Bitcoin is almost ready to close the trading week with no significant changes with the market capitalization of $125,14 billion.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Technical review” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”889″ img_size=”full” title=”BTC / USD 1-hour chart”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”From the short-term technical point, the coin will likely continue its consolidation as long as it is holding the level above the Friday`s minimum of $6750,92. The hour-chart shows the price block within the potential rectangular pattern. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”But the path of least resistance seems to be reverse. Besides, the relative strength index (RSI) fell below the middle line. This means that bears seem to hold their control over the market in short-term perspective. The resistance is strengthening, and this hinder bulls` further growth.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As an alternative, bears should take the only area of demand around $6775-6750 since it is a point of confluence for the horizontal trend line and the Friday`s minimum, and only then the correction decrease from the month`s maximum of $7468 can be resumed. The $6600 testing is unavoidable in case of failing the attempts to resist the above-mentioned support level.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Crypto-exchanges` move” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”A huge number of BTC were sent to crypto exchanges right before the dump which was a sign of the upcoming sale, and we got it. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The flow of coins that are sent from and to exchanges may tell a lot about the market`s potential. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As we saw it during the big sale in March, when the BTC price fell by 50%, a total amount of 80 000 BTC were transferred to BitMEX crypto platform over the period from 12 to 13 March. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”52 000 coins were withdrawn from BitMEX when the Bitcoin price decreased to $3600 in comparison with $3850 on other exchanges.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”According to Coin Metrics, this time about 1000 BTC had been bonded on Huobi right before the price dropped below $7 000. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Glassnode crypto-data analyzer also noted that on April, 11 there was a huge transfer of 150 000 BTC. This transaction volume was caused by the Bitfinex crypto exchange inner transaction.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The total volume was 216 244 BTC worth $1.49 billion, and the adjusted volume of transfer was 38 179 coins, or $263 million.”][vc_single_image image=”891″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The flow of funds on exchanges provoked the potential move on the market, and this time it lead to prices` decline. Nevertheless, BTC is still trading at a level 75% higher than the mid-March minimum. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Mati Greenspan, crypto analyst, said, ‘Bitcoin has remained surprisingly stable over the recent weeks, and if we look at the chart we`ll see that it`s quite promising. The level at which BTC is trading now (similarly to stock market) is the level that would be considered pretty normal in 2018 and 2019’.”][/vc_column][/vc_row]

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