Bitcoin Price Flirts With $7,000 After Another Minor Jump
Bitcoin’s bear trend continues as the top cryptocurrency struggles to regain a level above $7,000 and sustain it. The current price of bitcoin at the time of writing is $6,975, just below the marked goal and the previous high of $7,100 during a spike in trading yesterday. That spike was short-lived, however, as the price plummeted nearly $400 in less than three hours, leaving it momentarily at a level close to the lower support of $6,500, a point that many analysts consider to be the bottom support level for the coin.Now, since the price has managed to stay above that level, only dropping to $6,600, the new lower support level investors are watching is $7,200, just above the last spike before the dip. If bitcoin can retain these levels for the next few days and regain its new support at $7,200, the next goal will be $7,500. If the coin can perform as it has been with its slow but steady rise back up, the new support level of $7,500 will open the gates to $8,000 once again.The price of bitcoin and other cryptocurrencies have been relatively stable during this bear market, staying somewhere between $6,000 and $7,200 for the last week. If the trading volumes on major exchanges like Bitfinex, Bithumb, and Binance continue to steadily increase then it is almost certain that given the gradual upward momentum the coin has will likely be given a boost from an increase in the number of people trading and buying bitcoin.This is the time when investors and first-time traders will try to enter the market due to the lower prices being more accessible. And given the previous levels bitcoin has reached, anytime the market slowly starts to climb you can be sure a flood of investors will jump on the opportunity to purchase more cryptocurrency in anticipation for its slow crawl back above $8,000 and levels we were seeing last month and even possibly a point it had reached before the Altcoin Winter set in, cutting the price per coin in half.