07.04.2020 BTC Daily Analysis

07.04.2020 BTC Daily Analysis

The coronavirus crisis may have major repercussions, according to former Goldman Sachs fund manager Raoul Pal. He expects there to be major insolvency in the coming months, capable of potentially destroying economies in the process. Gauging the economic impact of a global pandemic is always incredibly difficult. With the coronavirus, there isn’t even any sense of a potential timeline until things return to normal.   Yesterday, we discussed why a break above the $7,000 resistance is looming for bitcoin against the US Dollar. BTC price did gain traction and was able to surpass the $6,980 and $7,000 resistance level. Bitcoin is now trading nicely above the $6,500 and $7,000 resistance level. It is testing the 50% Fib retracement level of the last main decline from the $10,537 high to $3,932 low.