Just weeks ago, Bitcoin’s long-term outlook was anything but bullish. As the macroeconomy started to feel the effects of the coronavirus outbreak, global markets crashed in tandem, leaving no asset classes spared, crypto included.
This culminated in the middle of March in a massive liquidation event that saw stocks, commodities, foreign currencies, Bitcoin, and even gold plunge. In this move, BTC sliced through key support levels as if it was a hot knife through butter, billions were liquidated on margin exchanges, and investors began to call it quits on crypto.
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But, the technical and fundamental outlook for Bitcoin has rapidly improved, so much so that the aforementioned crash has been entirely reversed.
Bitcoin Bears Slammed By Massive Divergence
According to a pseudonymous crypto trader, while Bitcoin’s long-term chart shows a stark reversal from 2019’s highs at $14,000, the downtrend has actually formed three positive signs: three bullish divergences.
Bullish divergences form when oscillating technical indicators trend higher as an asset moves lower, most often suggesting latent demand, which is followed by an eventual breakout.
The divergences the trader pointed to were notable as he found a total of three on a weekly time frame: Bitcoin has trended lower as the Money Flow Index, the MACD, and the Fisher Transform indicators have pushed higher.
The fact that these divergences were found on a weekly chart corroborates the sentiment that BTC is poised to scale back into a longer-term bull trend.
It’s Far From the Only Bullish Sign
The fundamentals present an equally-as-bullish outlook for Bitcoin.
Since the start of the ongoing coronavirus crisis, central banks have gone into overdrive to try and prevent the collapse of the economy. The Federal Reserve, in particular, has been extremely heavy-handed as Arcane Research shared in a recent report:
“The Federal Reserve’s balance sheet is climbing to new highs this week, now surpassing $6.5 trillion… [it] expanded by another $205.2 billion in the past week, to $6.57 trillion. It has ballooned by $2.4 trillion, or 58%, since the end of February,” they noted.
It’s a trend that the crypto research firm says should be a massive boon for Bitcoin, which is about to see its block reward halving event as central bank balance sheets have started to take on more assets. Arcane suggested that the eerie timing of these two trends could present a massive bull case:
“While [the] FED is printing money, Bitcoin has different plans with an upcoming halving in just three weeks. This will cut the yearly production in half, from 12.5 to 6.25 coins per block. This quantitative hardening may attract new investors to bitcoin, as ‘the money printer’ keeps running at full speed.”
Photo by Everaldo Coelho on Unsplash origin »
The last time the block reward for Bitcoin mining was halved was in July 2016. Since then, the crypto marketsContinue Reading
The post A Trader’s View on the Bitcoin Halving and Coronavirus appeared first on CoinMarketCap Blog.
The world is finally cozying up to Bitcoin in a pretty serious way, and that has even been fueled by the current Coronavirus global pandemic that has many central banks encouraging the use of cashless means of payment.
It's a common refrain: The U.S. dollar will be debased by the trillions in coronavirus aid. That should strengthen the case for bitcoin... theoretically.
In brief: Bitcoin (BTC) has this morning reclaimed the $7,000 value once again. Its movement is amidst global reports of some countries winning the war against the Coronavirus. With halving only days away, Bitcoin might continue with its upward trajectory.
Despite the global turmoil caused by the coronavirus and a looming reward halving, the Bitcoin mining industry appears optimistic.
The post Coronavirus, the Halving and a Price Drop: Bitcoin Mining Marches On appeared first on Bitcoin Magazine.
Bitcoin is now recovering from coronavirus infection, Coronavirus hit hard on Bitcoin and traditional markets, when btc price dropped by 40% in single day on 12th March. Bitcoin Bulls have shown nice buying momentum last week, and btc price bounced from 4500$ and retested 7100$(Bitstamp).
For one of the first times ever, Bitcoin is trading at a premium on Chinese OTC trading platforms. China is slowly but surely recovering from the coronavirus — and now it looks like the country is also leading the Bitcoin buying during this bearish period for the cryptocurrency market.
Bitcoin logged its wildest week for the first time in seven years, plunging by more than 50 percent after a sell-off sparked by the worsening Coronavirus pandemic. The benchmark cryptocurrency on Friday crashed from $8,187 to $3,858 with a matter of 30 minutes.
With the coronavirus epidemic now reaching New York, many banks are evacuating their staff. While Wall Street could struggle in the upcoming months as a result, Bitcoin trading platforms are unlikely to be affected.
Most financial markets have been impacted by the widespread transmission of coronavirus including the cryptocurrency market. The following analysis takes a data-driven and technical approach to explore how Bitcoin has...The post Bitcoin Regains the $9,000 Level Despite Coronavirus Fears appeared first on Crypto Briefing.
The World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus has observed the stock and Bitcoin market responses to the coronavirus and concluded that there is much irrationality afoot.
The global markets have been caught within extreme turmoil over the past several days, with the rapid spread of the Coronavirus striking fear into the heart of investors. This has led the Dow Jones to plummet, with the decline of traditional markets also coming alongside a strong Bitcoin correction.
Bitcoin price had been soaring over the last two months, reaching over 60% ROI year to date. But recent fears over the coronavirus has caused markets to tank, including the stock market and the crypto industry.
As coronavirus continues to spread mass panic around the globe, its impact on bitcoin is becoming more and more evident.
The post 3 Ways Coronavirus May Have Affected Bitcoin appeared first on CCN.com
Bitcoin has gained $400 from $8,300 to $8,700 since yesterday in what appears to be a potential market reaction to a virus outbreak in China. Most global stock markets are...
The post Bitcoin Rises Stocks Dive on Coronavirus Concerns appeared first on Trustnodes.
News that the coronavirus had spread to at least two people in the US sent Bitcoin and stocks tumbling. Markets dropped as much as a full percent, and Bitcoin followed suit. The news of two cases in the US were both confirmed by the Center for Disease Control (CDC).
Bitcoin prices on Friday are plunging after marking their highest levels in over two months, hurt by an improving outlook of the eurozone economy, the stronger dollar, and – none the least – the Coronavirus outbreak in China.
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Bitcoin entered a negative slope on Thursday as traders took profits from its latest price rally. But the cryptocurrency remained above a strong technical support level. Spot BTC/USD exchange rate was down 3.
Chinese stocks took a plunge last night and posted their biggest loss in three decades. Investors are hoping that it’s not indicative of a deepening problem. Panic has been hitting the world’s second-largest equity market as of late.
The crypto market trended lower last week as US tariffs rocked the market, causing investors to flee to safe-haven assets like Gold. Crypto prices which recovered slightly on Monday and Tuesday continued trending downward as uncertainty looms.
Bitcoin fell 4. 72% over the weekend and another 3. 50% during Monday’s Asian session as tensions driven by Trump’s tariffs have investors derisking their positions. Over the weekend, China responded to Trump’s tariffs by indicating interest in imposing tariffs on US goods, while Canada imposed a 25% tariff on CA$155 billion worth of US goods.
2025 has not started on a strong note for Ethereum (ETH), as the second-largest digital asset by market cap continues to trade below its yearly open. Recent on-chain movements also suggest that crypto whales might be losing confidence in ETH’s potential to deliver outsized returns.
The crypto market trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data The Fed expressed caution around inflation, especially as President-elect Donald Trump’s policies will kick in after his inauguration on January 20 Meanwhile, spot crypto exchange-traded funds (ETFs) logged outflows from Wednesday, January 8 Bitcoin […]
The post Weekly price analysis: prices decline on risk-off sentiments appeared first on CoinJournal.
Cryptos trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data. The Fed expressed caution around inflation, especially as Trump’s policies will kick in after his inauguration on Jan.
In the past week, Ethereum (ETH) has dropped 9. 3%, falling from $3,630 on January 3 to $3,235 at the time of writing. While ETH is striving to defend the psychologically significant support level at $3,000, some crypto analysts remain confident that the digital asset’s long-term price trajectory is bullish.
Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted. Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern.