A sharp decline in Bitcoin may be the harbinger of new summits

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The price of Bitcoin (BTC) rose to $ 7,000 last week, almost doubling its value just a few weeks ago. The leading crypto asset, which could not hold on at $ 7,000 for a long time, has declined and is trading at $ 6,780 as of writing. With this drop in Bitcoin, $ 5,000 levels may become a logical level for BTC.

Bitcoin and other crypto assets, which made a very positive start to 2020, were affected by the negativities in the economy due to coronavirus and experienced a serious collapse. During this time, the leading crypto asset dropped to the $ 3,800 level and had a jump last week, exceeding $ 7,000.

If the bears take full control of bitcoin for Bitcoin, the next levels are projected at $ 6,400 and $ 5,400. However, it is anticipated by analysts that bulls use these levels as a jump ramp in their favor.

For Bitcoin, which is quite close to the $ 6,400 level, which is the 200-day moving average, these levels are shown as the ideal place for a long run.

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