Opening the session on April 14, Bitcoin price has continued the trading trend of yesterday. Currently the leading cryptocurrency is trading at $ 6,856 - recording a 4.5% decline from the nearest peak of $ 7,185, which was set last Sunday.
Bitcoin has bottomed out
But perhaps in the short term, many analysts still believe in a positive Bitcoin price trend. Cryptocurrency analyst Flood in a recent tweet said that Bitcoin will still rise, as long as the price remains above the $ 6,500 mark.
I hate planning out multileg trades but probably something like in the next few days. I'm bull biased here unless we dump below 6.5k. Then it would be pretty clear invalidation. pic.twitter.com/e16Gj94JzD
- Flood (BitMEX) (@ThinkingUSD) April 13, 2020
Another famous cryptocurrency analyst, Big Cheds, also thinks that Bitcoin has bottomed out. In a recent tweet, the analyst made a chart (weekly) and made the comment that, based on the cluster of mass, the coin is undoubtedly bottoming out.
- Big Cheds (@BigCheds) April 13, 2020
The chart shows that the medium-term lows formed are often accompanied by an increase in trading volume. Besides, after reaching the bottom, the price of Bitcoin soared as seen in the first half of 2019.
However, there are also less optimistic people who think that the coin will continue to decline. Analyst Zoran Kole said that there is currently a lot of liquidity. Therefore, BTC will drop to the area of $ 5,000.
$ BTC Update: Looking to compound shorts around range high. I see an abundance of short liquidity above the current weekly open. I think it gets run before we head down to the 5k's #crypto pic.twitter.com/zXCYLemwgh
- Zoran Kole (deleveraged) (@ Captain_Kole1) April 13, 2020
Bitcoin continues to dissociate from the traditional market?
It seems that Bitcoin is not affected by factors from the traditional market. Yesterday, the price of Bitcoin sustained a downtrend starting on Sunday, despite the US stock market futures and gold plummeted.
Today, the US stock market futures (Dow 30, S&P 500, Nasdaq) all grew more than 1%, gold also traded at $ 1,782 / ounce, up more than 1.18% compared to yesterday. However, Bitcoin also did not have any reaction. It is clear that Bitcoin is now more unpredictable than ever.
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According to BeInCrypto