The world’s leading digital asset Bitcoin has finally managed to break above the $7100 level after struggling for a few weeks. It happened a few hours ago on April 6.
Bitcoin is settling above the psychological level of $7K
After facing the massive price crash in the month of March, Bitcoin has been striving for a few weeks to cross the $7000 price zone which had become a psychological level for the top crypto asset. It had become difficult for Bitcoin to break above this level.
The more difficult task for Bitcoin was to settle its price value above this level. Now, it seems that the leading digital currency has found some kind of support that is holding its price around the $7100 price zone. Currently, the price value of the first-ranked crypto asset is trading at $7,131.40 USD.
Bitcoin is a Store of Value
A little while ago, when the Bitcoin price went above the $7000 figure breaking this difficult barrier. A US Congressional candidate David Gokhshtein says that Bitcoin is a pretty much store of value (SOV).
David Gokhshtein is a Republican Congressional candidate. He recently took to Twitter on 5th April to share his view regarding Bitcoin and calls the leading digital crypto asset as a Store of Value.
#bitcoin is pretty much a SOV.
— David Gokhshtein (@davidgokhshtein) April 6, 2020
BTC Transaction volume reaches a new low
Though Bitcoin’s price has started flowing in the upward direction, not everything is happening in the favor of the coin as the transaction volume of Bitcoin has hit a new three-month low. According to the report from Glassnode, the Bitcoin Mean Change-Adjusted Transactional Volume has just recorded a three-month low of $10,836.27.
Previously, according to Glassnode, $10,948.27 was the three-month low transaction volume of Bitcoin recorded on 06 January 2020.
Previous 3-month low of $10,948.27 was observed on 06 January 2020
View metric:https://t.co/YL6iUIoU3w pic.twitter.com/MJrtwlFXFO
— glassnode alerts (@glassnodealerts) April 6, 2020
The psychological level of $7000 was a huge barrier coming in the way of Bitcoin and was stopping Bitcoin to start a bullish rally. However, this is not enough to initiate a rally as there is another psychological level coming for bitcoin that is of $10000 but to reach there Bitcoin will have to break its strong resistance of $9500.