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Bitcoin (BTC) tested the $6,800 support on April 21 as resistance, which combined with low volume sent the price down.

BTC price: analyst predicts a low open at $6,300

Data from Coin360 and Cointelegraph Markets shows that BTC/USD price tested $6,800 three times over the course of 24 hours, each time failing to create a wider line and return above it. The pair lost $7,000 on Monday, amid resistance from two moving averages and historic turmoil in the oil industry.

WTI crude oil prices continue to hit negative levels, Bitcoin analysts have many opinions on the future impact on the primexbt trading virtual currency market. “Don’t expect much buying until they return to the opening levels earlier this week,” said Michaël van de Poppe of Cointelegraph Markets.

“I expect more selling sessions when the price reaches $7,000. The buy zone is around $6,600 or $6,300.” Michael van de Poppe shared.

See more: Japan STO Association Issues New Regulations

BTC lack of stability?

After US oil prices plummeted to negative levels on Monday, a recovery that helped limit overall losses did not occur.

WTI price fell to -8 USD at the moment. This means that producers are having to pay buyers to get their oil as their stockpiles run out of space.
This situation continues to worsen despite the paradox of prices. Other oil markets are likely to see a similar abrupt slide in prices.

“If the global stockpile shortage is too fast, Brent will catch up with WTI to the bottom,” the Financial Times quoted Citibank analysts as saying.

Meanwhile, Cameron Winklevoss, businessman and co-founder of the Gemini exchange, thinks the volatile oil price has demonstrated Bitcoin’s lack of stability relative to traditional markets.

He said on Twitter:

“Bitcoin’s problem is that it’s so volatile…’ – quoted by the Wall Street Journal.