Bitcoin trader and technical analyst “Teddy” describes that Bitcoin could show a correction if BTC does not manage to stay above the $7,000 mark on the daily chart. The $7,000 mark is seen by many other analysts as an important zone that Bitcoin must hold in order to continue its upward trend in the coming days.
Experienced Bitcoin trader Josh Rager describes that Bitcoin’s support along the $6,600 mark has held steady since April 1. Bitcoin rebonded yesterday, rising briefly to $7,150 through a pump. Rager further notes that Bitcoin could start another bullish trend if Bitcoin closes above the $7,000 level on the 4-hour chart.
Another positive signal for the crypto market is that whales are currently withdrawing their Bitcoins from exchanges and sending them to external Bitcoin wallets. This trend and a relatively low trading volume could indicate that Bitcoin is considered a safe haven in times of crisis, Rager added. The data analysis service Whale Alert also confirms this observation and monitored several high-volume transactions of Bitcoin.
Author : Collin Brown