The Bitcoin price has finally retaken $7,000 on April 6 after several days of posturing ended in a sudden burst as the new week started. Data obtained from Coin360 revealed that BTC/USD left the $6,000 price range in a steep move that took the markets straight to three-day highs of $7,080.
While holding at the time of writing, it remains to be seen whether Bitcoin can sustain support above $7K. Some think that the latest push upward might copy others from last week in fizzling in a matter of hours.
The reason for Bitcoin’s newfound strength is not yet apparent at the moment. On April 5, the traditional markets futures had surged steeply, while commentators and analysts warned that the fresh uncertainty about oil production could result in a massive reversal of last week’s gains in the sector.
In recent weeks, it is evident that market uncertainty has increasingly benefited Bitcoin. According to previous reports, the crypto managed to sustain almost 70% gains against its deep low of $3; that was recorded on March 12.
$7K Must Become Support: Analysts
On April 6, BTC/USD was at a majorly critical stage for some analysts. In the case that a zone ranging between $6,966 and $7,217 could become firm support, one analyst argued on April 5; it would turn into a major factor in changing bearish positions. The analyst stated:
“If not, I’m still aiming to see $5,200 and perhaps lower. Rising wedge with the decreasing volume going into resistance in a downtrend.”
A survey by one commentator revealed that most of the social media users still favor Bitcoin, dropping to $6,400 before rising to $7,600. A week ago, Tone Vayssaid that he is confident about more significant BTC price upside surging at some point in April. Will Bitcoin rise or fall? Time will tell.