Monday, April 12, 2021

Analysis: Here Is Why It Would Be Difficult for Bitcoin (BTC) to Break Above $7,150

According to Coinness.com, a cryptocurrency news aggregator, citing the Bitcoin (BTC) analysis of Jins, its in-house analyst, it would be difficult for BTC to break above $7,150 due to insufficient trading volume.

As stated by the report, Bitcoin price rebounded with a low trading volume level, which indicates that the main funds have little effect on the market and retail investors snapped up the market bargains.

The report also furthered that the rebound trend will continue to face distress selling, which would result in another price retracement of Bitcoin (BTC).

The Fall in The Number of Whale Transactions

The report also emphasized the number of whale transactions, which has fallen lately, indicating a drastic reduction in the impact of investors on the market.

According to the analyst, whale transactions are now returning to the normal process. The number of whale transactions on March 30 read 703, which indicates that short-term buy-in operated by retail investors has promoted the technical rebound of BTC’s price.

The analyst furthered that Bitcoin (BTC) price rose above $6,359, corresponding to the Fibonacci of 38.2%. A means for Bitcoin (BTC) to trade and remain stable above the price region would strengthen the hope of BTC trading at $7,150 price level, with Fibonacci reading 50%.

Conclusively, the analyst averred that without sufficient trading volumes to support the price rebound, it would be hard for Bitcoin (BTC) to break above $7,150 resistance level.

At the time writing, BTC is trading at $6,469.05, with about 4% price upsurge in the last 24 hours.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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