- The upward trend of Bitcoin continues, with the price rising by over 4% to $7,355 in the last 24 hours.
- Within the top 10, Ethereum recorded the largest increase with a price rise of more than 15% to $172.57.
The Bitcoin price has risen by more than 4% within the last 24 hours to a price of $7,355.57, continuing the positive trend of the last few days. In April Bitcoin had not yet managed to close the daily chart above the $7,000 mark until last night. The next strong resistance now stands at $7,700 and could soon be broken if BTC continues its momentum.
Well-known Bitcoin trader and Blockroots founder Josh Rager describes that Bitcoin must rise above $7,700 before another upward trend can follow. In recent days, Bitcoin has shown a high degree of volatility, so Rager suspects that Bitcoin Whales are trying to liquidate positions to make quick profits in the short term.
Another prominent analyst, CryptoBIRB, said on Twitter that the April-May period has often been bullish for Bitcoin in recent years and the 6-month performance of Bitcoin has confirmed a bullish momentum. Therefore, the Bitcoin price could continue to rise in the coming days and weeks.
April-May periods ~90% of the time in recent years were bullish, which made me bullish the last days of March. This time will be different, especially after confirming 6-month long bullish divergence on weekly, right $btc? pic.twitter.com/tyQKodzovh
— CRYPTO₿IRB (@crypto_birb) April 6, 2020
On-Chain analyst Willy Woo is bullish for Bitcoin, describing BTC as a safe anchor in times of crisis. Bitcoin has marked a bottom along the $3,800 mark, so this price floor can be considered a low point. The current price trend indicates a continued bullish trend, while other assets such as the S&P500 and the real estate market show an oversaturation, as shown in the following chart.
And they told me Bitcoin was a risky volatile asset…
(Plotted in log charts so % gains/losses are proportional within each respective sparkline) pic.twitter.com/qxC1xF8cay
— Willy Woo (@woonomic) April 7, 2020
Mohit Sorout, a well-known Bitcoin and commodity trader, explains that BTC has formed a V-shaped bottom pattern and this is a signal in the charting technique that a trend reversal is imminent. BTC is about to close above the lows of December last year, marking a possible trend reversal.
$BTC on its way to close above Dec lows.
This is what strength looks like. pic.twitter.com/w7IUrCeoYc
— Mohit Sorout ? (@singhsoro) April 6, 2020
Ethereum is also showing a bullish trend and has risen by more than 15% in the last 24 hours to a price of $173.82. The next resistance levels for Ethereum are $175 and $180. If ETH does not manage to break through these resistances in the next few days, a correction near the $160 mark could follow.
Within the top 10 cryptocurrencies, ETH has thus recorded the largest price increase, ahead of XRP (7.91% to $0.20), Litecoin (10.75% to $46.43) and EOS (12.65% to $2.78). According to Coin marketcap.com, the total market capitalisation has risen from $175 billion to $209 billion in the last 7 days.
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Central banks flood the market with fresh money
As Crypto News Flash already reported, central banks around the world have announced huge financial injections to counteract the global economic downturn. President Donald Trump has pledged a $6 trillion aid package for the immediate future and helicopter money for all citizens. Meanwhile, the FED is pumping $700 billion into the market.
The European Central Bank is following the example of the FED and has announced bond purchase programs of 750 million euros. Critics of the current financial system are warning that the markets will continue to inflate until they collapse due to a lack of substance, resulting in a major crash. It remains to be seen to what extent Bitcoin will be affected or benefit from this.