Bitcoin has continued to strengthen over the past few hours, rallying as high as $6,850 on Tuesday morning and now trading at $6,790 as of the time of this article’s writing. According to data from TradingView, the cryptocurrency has gained 4% since the trading session started, marking yet another day of gains.
BTC remains below the multi-week high of $7,000, though seems poised to push back towards that key level over the next few days as an uptrend has seemingly started to form; indeed, since the $3,800 bottom, Bitcoin has gained more than 75% and has posted gains of more than 20% in the past few days alone.
The cryptocurrency market’s rally comes as the stock market has seen a stellar day of gains by any standard. The S&P 500 index has gained 10% while the Dow Jones has seen a rally not seen in literal decades, rallying by more than 11% on the trading session in a move that has left many astounded.
This rally seemingly comes as a result of two news events:
The coronavirus stimulus bill, which will help businesses and Americans, is close to being passed by Congress. There was some uncertainty about the bill previously (including a mention about a “digital dollar” that could help Bitcoin), but that is getting resolved.
On Monday the U.S. Federal Reserve revealed it will be implementing the purchasing of corporate debt, Treasuries, and mortgage-backed securities until the economy normalizes again. While the word “infinite” was not mentioned in the Federal Reserve’s press package on this news, many economists and analysts in the Bitcoin space have dubbed these measures “QE Infinity,” as the central bank has seemingly put no limit on how many assets it can buy in the foreseeable future.
DOW +11%. Wild. How many times will we see this again in our lifetimes.
— Adam Singer (@AdamSinger) March 24, 2020
Bitcoin Readying to Rally Higher
Many think that BTC is ready to rally higher.
In an interview published on Saturday, Raoul Pal — ex-head of Goldman Sachs’ equity derivatives business and the current CEO of Goldman Sachs — remarked that he thinks the price of Bitcoin will rally to its $20,000 all-time high within the coming 12 to 18 months, despite the current crash seen in global markets.
This interview was released shortly after he remarked that he is more bullish than ever on Bitcoin, remarking that there’s a possibility that “all trust” in the “entire system” has been lost.
Furthermore, Rekt Capital recently noted that the BTC “Fear and Greed Index” — derived from volume, social media volume, amongst other weighted factors — hit 10, which is “extreme fear.”
It's interesting to see how Bitcoin has recently reached $6700 but market sentiment is still extremely fearful$BTC #Crypto #Bitcoin pic.twitter.com/IgsVzjmqN1
— Rekt Capital (@rektcapital) March 24, 2020
Featured Image from Shutterstock origin »
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It has been a quiet week of caution for Bitcoin traders in terms of price action. This caution has trickled into trading volume in particular, as volumes on major crypto exchanges for both spot Bitcoin trading and Bitcoin derivatives have fallen far below their levels at the beginning of the year.
Quick Take The current trading position of Bitcoin paints a rather bearish picture as it lingers below multiple moving averages and cost basis. Hovering around the $26,000 mark, Bitcoin is trading below the short-term holder cost basis of $28,247.
Bitcoin price started a downside correction from $30,200. BTC is now trading near the previous breakout resistance at $29,400. Bitcoin is correcting gains and trading below the $29,800 level. The price is trading above $29,400 and the 100 hourly Simple moving average.
Data from IntoTheBlock reveals that over 75% of all Bitcoin holders are in the money at spot rates when the prices are at multi-week highs, trading at around $30,000 as of writing on June 22. Bitcoin has been on a firm uptrend over the past few trading days, propelled by supportive fundamentals.
Bitcoin (BTC) is trading at a premium of over 1% on Binance. US as the exchange’s USD trading volume has dropped to new lows after the U. S. SEC’s lawsuit, according to CryptoCompare data.
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Bitcoin price failed to settle above $23,500 and corrected lower. BTC is trading above $22,400, but it is now trading below the 100 hourly SMA. Bitcoin is slowly moving lower from the $23,500 resistance zone.
Since mid-December, bitcoin had failed to finish a trading day (universal coordinated time or UTC basis) over $17,000, and now analysts wonder if the largest cryptocurrency has formed a market bottom after a horrendous 2022.
The daily bitcoin trading volumes come out into billions of dollars every day, with hundreds of thousands of daily transactions being carried out. It is one of the reasons why bitcoin draws the most investors, given such high trading volume and good depth across all exchanges.
As Bitcoin passes $20,000, the market is expecting a strong October. The crypto is now trading between $19,712 and $20,479 at the time of writing. Since the crash of September 13 rattled the global financial system, this is the highest trading price BTC has reached.
Bitcoin surged by more than 5% today, but it’s now trading in the red. Its price action is likely correlated with the S&P500 trading at its lowest level since November...
Because they could not hold the support levels, bitcoin prices fell last week after trading in the $24k range for several weeks. The bitcoin price has now been trading at the $21k zone, where it has remained all weekend.
Bitcoin is still unable to break above or below its current range. Yesterday, BTC’s price was seeing a trading session in the green until a surge in negative news contributed to an increase in selling pressure.
Bitcoin isn’t the king of cryptocurrency for nothing. Most major cryptocurrencies have dipped incredibly low on Saturday, and that includes Bitcoin (BTC) but it doesn’t seem to budge. Bitcoin was trading at $39,510 late Friday, down 4%, based on charts by Coingecko, which signals dangerous waters in trading.
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Bitcoin and Gold.
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Though Bitcoin was initially conceived in 2009, Bitcoin first started trading in July 2010 for around $0. 0008 to $0. 08 per coin. Since then its growth has been phenomenal. It has also maintained its position as the largest cryptocurrency by market cap since it first began trading.
Cointelegraph analyst and writer Marcel Pechman explains why the cryptocurrency market has lost 60% of its market cap, with the S&P 500 only about 15% from its all-time high.
Coinspeaker
Bitcoin Becomes Best Performing Asset in 2023 as BTC Consolidates Above $30K
Popular coin Bitcoin is up 80% in 2023 and is by far the year’s best-performing asset compared to gold and others.
Data shows Bitcoin has been more stable than gold, DXY, Nasdaq, and S&P 500 recently, here’s what history says could follow next. Bitcoin 5-Day Volatility Has Fallen Below That Of Gold, DXY, Nasdaq, And S&P 500 According to the latest weekly report from Arcane Research, BTC has been more stable than these assets for a record duration already this year.