Bitcoin Still Striving to Breach Past $7,000 Dollar Mark

Jul 04, 2018 at 21:55

The cryptocurrency market is expected to gain steam due to investors looking to acquire coins at a bargain price as analysts predict that the flagship cryptocurrency may be back beyond the $7,000 territory anytime this week.

As of this writing, Bitcoin is valued at $6,535, down by 0.67 percent. However, its price projection for the week is seen at a positive light as investors are expected to bargain-hunt which may create an upward pressure on BTC prices.

Notably, Bitcoin’s price is still way above the $6,300 resistance level, which Fundstrat’s Robert Slyumer claimed would be crucial for gaining momentum to reverse its recent downtrend.

Likewise, some analysts stated that even in strong corrective rallies, the cryptocurrency market cannot find a firm base to go upward due to low volume despite optimistic indicators and moving averages.

Meanwhile, Ethereum is currently trading at $446.49 level while Ripple is treading the $0.49 mark, down by 1.04 percent and 1.56 percent, respectively.

On the other hand, Bitcoin Cash is now at $759.02, down by 3.63 percent as EOS was planted at $8.85, down by 1.39 percent.

Other top altcoins such as Litecoin, Cardano and Stellar also suffered dismal performances with prices currently pegged at $84.87, $0.15 and $0.21, respectively.