Home » Bitcoins struggles to maintain $ 7000 support as China experiences a historic contraction in GDP

Bitcoins struggles to maintain $ 7000 support as China experiences a historic contraction in GDP

April 18, 2020 02:30 & nbspUTC

| Updated:

April 18, 2020 at 2:30 & nbspUTC

Per & nbspKapil Gauhar

Bitcoin (BTC) was struggling to maintain $ 7K support on April 17 when China contracted a contraction in GDP and oil sank to prices last observed in 1987.

Bitcoin (BTC) price uncertain at $ 7K

Coin360 data showed that BTC / USD repeatedly tested the $ 7,000 mark as the week attracted something close, reaching a high of $ 7,195 on Thursday.

At the time of publication, the pair was hovering around $ 7,050 amid difficult conditions as traditional markets held on to surprising financial specialists.

Oil saw new problems despite the agreement a week ago to cut production. CFDs on the WTI fell below $ 18 a barrel on Friday, coordinating their 33-year-old levels.

One commenter, Tone Vays, confirmed in the latest version of his YouTube Market Award deal:

“I think oil can go down to $ 10.”

Earlier, it was U.S. President Donald Trump who freely indicated that buying at $ 9 a barrel would be fruitful.

At the same time, figures released on Friday confirmed an extraordinary drop in China’s GDP in the first quarter of 2020, the economy contracted by 6.8%. China’s quarterly GDP has never shrunk.

Those who condemn the fiat currency system continue to question the true role of GDP in deciding the strength of the “economy”. Among them are Allen Farrington and Sascha Meyers, who in an article published in March entitled “This is not capitalism” clarified the repetition of the measure.

sums up

“Widespread misunderstandings about money and capital, and about stocks and flows, come together to form a dangerous cocktail with GDP growth.”

Expert: Losses could extend to “$ 5K low”

For Bitcoin (BTC), in the meantime, it was the overwhelming resistance of just over $ 7,000 that kept the digital currency firmly under control.

Michaël van de Poppe warned on Twitter:

“Not approved at the level we’ve been seeing. Still undecided here.”

“I could recover the highs again, before going down to $ 6,800-6,860 and then I would be looking to make some lengths. Losing that area and I still think we’re seeing $ 5k lows.”

Altcoins looked more fragile, with Ether (ETH) generating huge market capitalization token losses of about 1.5% on the day.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger Gyan. He is a passionate blogger, a great thinker and a creative writer. His passion for making friends with words and making known the wonders of the digital world is what motivates him to take writing as a career.

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