Bitcoin (BTC) was pushing to overturn $ 7,000 resistance in support on April 3, when oil markets really hit $ 10 a barrel this month.
Daily overview of the cryptocurrency market. Source: Coin360
Media: $ 10 of oil could last the whole of Q2
Data from Coin360 and Cointelegraph Markets followed several attempts by Bitcoin bulls to definitively push the market above the $ 7,000 mark on Thursday and Friday.
At the time of publication, all of these attempts had failed to provide support, with the BTC / USD falling in each case to $ 6,000.
Bitcoin price table on 1 day. Source: Coin360
Bitcoin rose earlier on Thursday as anticipation was built around the end of the ongoing oil price war which, according to US President Donald Trump, could push up the price of a barrel to just $ 9 .
New comments from Trump on a deal have turned oil markets, with Brent crude gaining 30% in a few hours before Russia’s comments contradict the buoyant tone.
Speaking to CNBC, Victor Shum, vice president of energy consultancy with news provider IHS Markit, warned that $ 10 of oil remains a firm possibility for April.
“We expect Brent crude to drop to around $ 10 a barrel in April and will likely remain at this level in the second quarter,” he said in the report.
“It is unlikely that an OPEC + deal will save the crude oil market from the COVID-19 attack. I think talking about big cuts is probably too little, too late. “
Filbfilb: Bitcoin bulls are strong
For Bitcoin, meanwhile, previously cautious traders were now delivering increasingly optimistic short-term forecasts.
In an announcement to subscribers to his Telegram trading chain, Cointelegraph Markets filbfilb analyst envisioned a possible $ 8,000 race as a next step.
“The bulls are apparently strong here,” he said.
“Assuming the day ends something like this, I’m now in favor of the bulls to hurry up to ~ 8k. “
At $ 6,900, the BTC / USD is just $ 300 lower than its position in early 2020, which means Bitcoin has limited its losses since the start of the year to just 4.3%.
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