On the weekend, Bitcoin tested the possibility of a corrective rebound, the market forms a side channel $6 500 - $7 400

After Bitcoin once again groped for the bottom this time around mark $ 6,500, the market lingers on these marks for the last seven days. It is interesting that the beginning of a new week for cryptocurrency number one passed positively, the market met a new week at a mark above the round level of $ 7,000, or more precisely, at $ 7,130. It can be assumed that another reconnaissance battle took place, when the bulls checked the forces and intentions of sellers.

However, with the beginning of the European session, the pressure on the cryptocurrencies returned and in the course of further sales, the price retreated to the level of $ 6,703.

For further recovery, $ 7,400 level and then range $ 7,700 - $ 7,800 remains an important level and in the next few days the $ 7400 mark will be an important level for observation, and if Bitcoin price can take the first mark, it is possible that the cryptocurrency will initiate a strong short-term recovery and even will be able to finish April with some growth.

Now, there is still a shortage of volumes in all areas of the cryptocurrency market, both in major and in small currencies. During the recent 70 percent correction, the vast majority of speculators left the market, and new capital must enter the market to increase the liquidity of the major digital tools. In this respect, it is still important to monitor the volume of the entire market or its capitalization, which is the same.

The volume of trades should increase in the first place, and then the amount of Bitcoin transaction will increase, and after the growth of the market activity, the Bitcoin price will follow. At present, there is some increase in the volume of trades on the market, and if large institutional investors continue to enter, this can lead to a significant increase in liquidity. We will monitor how events will develop this week.

FortFS