Can BTC Hit $7,500 Over The Weekend: Analysis

The Bitcoin news now show that the price of BTC as the most dominant coin remains range-bound and the upcoming halving is being overshadowed by the coronavirus pandemic as well as the global economic fallout. This is why many people are wondering and asking themselves – can BTC hit higher levels and reach $7,500 over the weekend?

From what we know so far, the cryptocurrency and equity markets have seen a relatively stable week. When it comes to volatility and volume, both were drained away from the markets. In the meantime, Bitcoin (BTC) has been moving between $6,600 and $7,300 and hasn’t been showing direction. On the other hand, the volume is starting to drop significantly in the markets now.

A stable movement like this could definitely result in an upswing for Bitcoin and the market. But can BTC hit higher levels at this point – or the crypto news will show a new reversal?

For what we know so far, the market is stable and probably won’t turn to either upside or downside. The volume, however, is starting to drop significantly in the markets and we are about to see how that influences everything. Generally speaking, a stable movement and compression combined with low volume leads to a big move to occur with just 24 days until the Bitcoin halving.

Meanwhile, the weekly chart of Bitcoin is showing green candles for the past couple of weeks – this is showing strength as the majority of the losses on March 12 (dubbed the “Black Thursday” for the markets) have been pared in the recent movements.

However, is this growth sustainable and can BTC breach through $7,500 now?

At present, the recent run-up to $7,200 for BTC means that the cryptocurrency is losing momentum as the volume is dropping and showing exhaustion. So, this should not be taken as a strong signal that would lead to more gains for Bitcoin.

Still, a possibility for a breakout to $7,500 is there after all – just like Bitcoin did in April 2019, which underwent a push from $4,000 to $5,300. If this happens, an apparent breakthrough in the resistance area can put the price of Bitcoin back on track towards $7,800 and $8,000 soon – as that would be the next zone to break.