Bitcoin (BTC) was aiming for $7,000 on April 14 as a sudden $600 dip gave mode to a ho-hum grind up every bit the week began.

Cryptocurrency market daily overview

Cryptocurrency marketplace daily overview. Source: Coin360

Filbfilb: BTC needs "game changer" $seven,250 close

Data from Coin360 and Cointelegraph Markets showed BTC/USD challenging $7,000 resistance on Tuesday.

Previously, a slump in traditional market futures produced a abrupt downturn, with the pair briefly hitting lows of $6,650 across major exchanges.

In the upshot, the S&P 500 finished down ane% on the day, Bitcoin recovering to printing-time levels of $6,900.

Bitcoin 1-day price chart

Bitcoin 1-day price chart. Source: Coin360

College up, the cryptocurrency faced resistance in the form of the 50 and 200-day moving averages, the start of which — currently at $7,050 — kept prices firmly in check over the past 2 weeks.

As such, for Cointelegraph Markets analyst filbfilb, only a close higher would merit a alter of run a risk-off thinking.

"Closing above 7250 would be a game changer.  Happy to be sabbatum in cash right now as we are at back up and I'm neither bullish or bearish (to be honest)," he told subscribers of his Telegram trading channel late Monday.

Fellow analyst Michaël van de Poppe held similar thoughts.

"If nosotros interruption and flip $6,900 I'd be bold nosotros might exist seeing $vii,600-8,000 in the coming ane-two weeks," he tweeted.

"However, rejecting and we've got a clear Southward/R flip and I'll target $half dozen,350 (monthly level) for longs."

Deutsche Bank warns of "zombie market place"

Suspicions about the health of traditional markets meanwhile gathered steam despite a modest recovery since last month's mayhem.

Amidst the detractors this week was Deutsche Bank, which accused the United States Federal Reserve of sparking "the cease of the gratis market place."

In a annotation quoted past Forbes titled "The end of the free market place: affect on currencies and beyond," the bank's global head of foreign exchange research, George Saravelos, firmly laid the blame at the authorities's door.

"At the extreme, central banks could become permanent control economy agents administering disinterestedness and credit prices, aggressively subduing fiscal shocks," information technology read.

"It would exist a bi-polar world of financial repression with loftier real economy volatility but very low fiscal volatility. A 'zombie' marketplace."

Every bit Cointelegraph oft reports, Bitcoin represents the simply money costless of government and key banking company intervention.

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