Bitcoin price finally reaches the $7,000 after the collapse on March 12, what wil next?

Bitcoin price has hit $ 7,000 after the collapse on March 12. At press time, Bitcoin is hovering around $ 7,055, up nearly 4% in the past 24 hours. Now, the Chinese city of Wuhan is coming back to life after the Government lifted several travel restrictions. Residents with a ‘Green health code’ will be allowed to leave Wuhan and the surrounding province. Additionally, the countries of Italy, Spain, and Germany have recorded a decrease in the daily rate of infections in their territories as a result of continued efforts to reduce the spread of the virus.

This reaction of Bitcoin price to positive news

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6-Hour BTC/USDT chart courtesy | Source: Tradingview.com

Further visiting our favorite 6-hour time frame on the Binance BTC/USDT chart, we observe the following. The $ 6,900 resistance level has now been broken and is acting as Bitcoin’s short term support. $ 7,000 needs to be maintained at least for today for it to turn to some level of confident support. Moving up, $ 7,200, and the $ 7,400 provides the next level of resistance.

However, trade volume is still considerably low but might improve as the Western hemisphere wakes up in a few hours. On a Macro level, Bitcoin might go on to reclaim $8,000 and maybe $ 9,000 as the Bitcoin halving is only 37-days away.

Crypto analyst Crypto Michael has launched a poll to see what his followers think about where Bitcoin price will move next – up towards $ 7,600 or down to the $ 6,400. From the comments under the poll, it is clear that users are expecting the flagship currency to continue ascending. The results of the survey show the same.

Crypto fundraising took a massive hit in 2019, will 2020 be even worse?

According to a new report published by PwC, cryptocurrency donation increased by 40% in 2019 (from $ 3.72 billion to $ 2.24 billion). Meanwhile, the value of M&A transactions has plummeted 76% compared to 2018 (from $ 1.9 billion to only $ 451 million).

While 2018 seems to be all about mining and exchange, the report says that the focus of investors shifted to other areas. The Robinhood stock exchange application, which also allows its users to learn about cryptocurrencies, tops the list of the biggest fundraisers in 2019 with the Series E round of $ 373.

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Source: PwC

Besides, Ripple and Bithumb took second and third place, respectively. It is worth noting that it has previously become the second most valuable cryptocurrency company after the Series C round worth $ 200 million. Ripple is only far behind mining Bitmain, topping the 2018 list with a massive round of funding of $ 715 million.

In addition to the declining venture capital, its changing geography is another trend highlighted in the PwC report. While the US still has the largest share of all the deals, Asia and EMEA have gained more facilities by 2019.

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Source: PwC

PwC’s Henri Arslanian predicts that the cryptocurrency industry is ‘not immune’ to the economic damage caused by the Coronavirus pandemic.

Arslanian said:

“The cryptocurrency industry is not immune to global winds, and the number and value of M & A capital mobilization and transactions could be affected by 2020.”

However, PwC believes that asset management companies at APAC and EMEA will view this market volatility as an opportunity to invest in cryptocurrency companies.

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