After having a low trend throughout the last two weeks, Bitcoin has shown resistance to these trends lately. The crypto has shown lately that it is set to trade at $7000 in the coming weeks.
BTC’s value has come from a low rate to $6450. This upward trend would most likely tempt the investors to purchase BTC, which in-turn would cause a hike in its price.
This simple demand and supply of BTC would cause it to trade at $7000 in no time. These gains could cause further rise if the trading volume rises sharply.
The crypto’s closing rate on Monday was $6,618, and its 24-hour trading volume stood at $4.61 Billion. Also, the strength index has increased to neutral (at 50.00) where it was in the bearish territory (below 50.00).
The Chaikin Money Flow (CMF), that measures the pressure of buying and selling, has noted a positive trend for the first time since May 20. It stands at the highest level since May 10 today. The positive trend showcases that the money has flown into the product, and has caused a rise in its price.
BTC has seen a rise in its price on Monday, from Friday’s low of $5800. It could go as high as $7000 in a coming few days.
The odds are set in the favour of Bitcoin touching the $7000 mark. This can happen In a few days’ time.