Bitcoin could not rise above $ 7000, despite the approval of a plan to stimulate the US economy by $ 2 trillion

Despite the efforts of the bulls, today the bitcoin exchange rate could not overcome the resistance at the level of $ 7 thousand, which weakened the upward momentum.

After an unsuccessful assault attempt, followeda slight decline, which was stopped at 6.5 thousand, and then the price stabilized around 6.6 thousand. At the time of publication, BTC is trading at $6,677 with a daily increase of 0.45%. However, it should be noted that over the past two days the price has risen by almost $1,000.

Bitcoin failed to make a breakthrough amid news of the US Senate approving a fiscal stimulus packageto mitigate the economic impact of a coronavirus outbreak. The agreed part of the plan provides for the allocation of the Fed $ 2 trillion to support citizens and companies.

According to analysts, in the long runan increase in money supply will have a positive impact on the cryptocurrency market. However, in the near future, the failed assault weakened the fuse of investors and the breakthrough of the borders of the current rising channel.

A fall below $6,250 would mark the end of the corrective rebound from recent lows and open the way for the bulls to the support level around $5,680.

According to the forecast of the analyst at Fundstrat Global Advisors, Bitcoin will need months of consolidation to correct the technical damage already caused by the collapse.

test: Ivan Malichenko, photo: Cloudinary, chart: TradingView