Bitcoins Fights to Hold $7000 Support As China Sees Historical GDP Contraction

Bitcoin (BTC) was battling to hold $7K support on April 17 as China saw a recorded GDP contraction and oil sank to prices last observed in 1987.

Bitcoin (BTC) Price Uncertain At $7K

Data from Coin360 showed BTC/USD over and over testing the $7,000 mark as the week attracted to a nearby, having arrived a highs of $7,195 on Thursday.

At press time, the pair hovered $7,050 in the midst of rough conditions as traditional markets kept on stunning financial specialists.

Oil saw new troubles in spite of a week ago’s deal to cut production. CFDs on WTI fell underneath $18 a barrel on Friday — coordinating their levels from 33 years ago.

A commentator, Tone Vays, confirmed in the most recent version of his Market Pulse YouTube arrangement –

“I believe oil can go as low as $10.”

Earlier, it was US President Donald Trump who freely indicated that purchasing at $9 for a barrel would be fruitful.

Simultaneously, figures released on Friday confirmed an extraordinary GDP decrease for China in the first quarter of 2020, the economy shrinking by 6.8%. Chinese quarterly GDP has never contracted.

Those condemning of the fiat currency system contunue 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 titled “This Is Not Capitalism” clarified the repetition of the measurement.

It summarizes

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

Expert: Losses Could Stretch Out to “Low $5Ks”

For Bitcoin (BTC), in the interim, it was the overwhelming resistance just past $7,000 that was holding the digital currency solidly under control.

Michaël van de Poppe cautioned on Twitter –

“Rejected at the level we’ve been watching. Still indecisive here.”

“Could sweep the highs back again, before dropping down towards $6,800-6,860 and then I’d be looking to get some longs going. Losing that area and I still believe we’re seeing low $5ks.”

Altcoins were looking more fragile, with Ether (ETH) driving huge market cap token losses of around 1.5% on the day.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.