For short-term recovery, the $7,700 to $7,800 range still remain as an important level for bitcoin that could allow the most dominant cryptocurrency in the market to potentially eye a move towards the $8,000 region. Previously, when the bitcoin price surged to $7,500, traders were anticipating it to break the $7,800 support level. But, it could hold its momentum and continue its corrective rally.
In the next few days, the $7,800 mark will be an important level to observe, and if the bitcoin price can surpass beyond that point, it is possible that the cryptocurrency initiates a strong short-term recovery and ends April with large gains.
At the moment, the cryptocurrency market in general still lacks volumes across the board, on both major and minor cryptocurrencies. During the recent 70 percent correction, the vast majority of weak hands and speculators left the market, and new capital or money has to come into the market to increase the liquidity of major cryptocurrencies.
The trading volume has to increase first, and the transaction volume of bitcoin will increase, and then as user activity surges, the bitcoin price will follow. Currently, the market is seeing an increase in trading volume, and if the entrance of large-scale institutional investors like the Rockefeller family, Rothschild family, and George Soros could lead to a substantial increase in liquidity, the cryptocurrency market could rebound strong within April.