Bitcoin market in the power of contradictory factors, technically the picture has not changed

The mood in the global cryptocurrency market remains uncertain. Bulls and bears seem to be stuck in a dead end, amid lower trading volumes and market capitalization, as the market is around the same mark for eight days in a row. We are talking about the support level in the area of ​​$6600 – a kind of new local bottom.

The start of the new week began positively, the market met the early Monday European session at $7140 amid speculative rumors that Wall-Street's big money intends to enter the crypto markets. We do not understand why large investment funds should have announce their plans, but people mentioned such known investors like Soros and the Rockefeller. Nevertheless, the positive mood was exhausted and the decline continued right to the middle of the day. At the beginning of the American session, the market fell into the zone of the low around $6600, as within a few hours Bitcoin lost more than 4 percent.

This time, there was information that the increase in pressure occurred amid the approaching tax season in the US. US households, according to experts, should pay $25 billion in taxes on capital growth after the recent cryptocurrency rally. To meet tax obligations, investors sold Bitcoin, which could mean a "massive" sale-off before the deadline for filing an American tax return on April 17.

Today at the time of the start of the American session, the market trades around the levels $6600-$6700. The technical picture has not changed at all, trading activity is minimal and the market looks to be at the crossroads. The nearest prospects of the market if judged strictly within the technical analysis are dependent on the outcome of the current consolidation. Moving above $7400 will mean testing the psychological resistance level at $7700, and a move below the current bottom will indicate the intention of the market to move lower into the $5900-$5500 zone.

FortFS