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- Bitcoin as well as Ripple (XRP), Stellar Lumens (XLM) and other Altcoins have risen sharply in price in the last 24 hours due to a sudden pump.
- The sudden outbreak could be due to the upcoming Bitcoin halving.
Bitcoin rose from just under $7,100 to $7,750 for a short time due to a strong pump and trades at $7,526 at the time of writing. The Bitcoin price before halving has risen by more than 5% in just a few hours. The market capitalization of Bitcoin has risen from almost $130 billion to $138 billion.
The experienced Bitcoin trader Josh Rager describes that both Bitcoin and the stock market are currently showing a bullish trend. If Bitcoin can close above the important $7,400 mark, another price increase could follow, he says. The next strong resistance stands at the $ 7,800 mark, which Bitcoin must first overcome in order to continue rising towards the $ 8,000 mark.
https://twitter.com/Josh_Rager/status/1253331521387159552
Bitcoin trader Teddy explains on Twitter that the support along the $7,500 mark was also an important indicator for a bullish development in previous years 2018 and 2019. In his opinion, Bitcoin will continue an upward trend if BTC can close above this level and thus confirm this new level as support. Should Bitcoin fall again, there are promising entry opportunities, as the pseudonymous trader noted.
https://twitter.com/TeddyCleps/status/1253355931741696000
The crypto trader Big Chonis Trading describes that Bitcoin has tested the EMA 12 (Exponential Moving Average) on the 1-hour chart and is also above it on the 6-hour chart. According to him, Bitcoin will continue its rise if it stays above the $7,500 mark. Big Chonis also continues to tweet that there are great profit opportunities for traders right now.
$BTC – first backtest of the EMA 12 on the 1hr… way above on the 6hr …plenty of room to level out for a bit #bitcoin pic.twitter.com/4RgusujlBD
— BIG Chonis (@BigChonis) April 24, 2020
The data analysis company Glassnode has observed an increasing use of the BTC network, so this may be an indicator for a further influx of new investors.
Glassnode describes how the performance of traditional assets, like oil, has disappointed many investors and they may therefore turn to Bitcoin:
As global markets continue to see massive uncertainty and instability – and traditional “safe haven” assets such as oil plummet in price – BTC is becoming a more attractive asset.
Another bullish sing is that Bitcoin has formed a Golden Cross. The Golden Cross is formed when the short-term moving average of Bitcoin closes above its long-term moving average. As of today, the 20-day EMA is above the 50-day SMA, indicating that the Bitcoin price is trending upwards. A similar chart formation was drawn by Bitcoin earlier this year, where BTC subsequently rose by more than 40%.
Ethereum’s price also benefited, rising by 2.88% in the last 24 hours to a price of $187.69. XRP follows ETH and BTC and rises by 3.31 % to a price of $0.1945 in the last 24 hours. Among the 20 largest old coins, Stellar Lumens + 12.44% to $0.0637 and Cardano + 16.20% to $0.0437 have benefited the most.
Flood of money could further boost Bitcoin market
Due to the ongoing corona crisis worldwide, central banks are pumping vast amounts of fresh money into the market, thereby indirectly stimulating the stock and financial markets. The FED wants to pump a total of $6 trillion into the economy to combat the crisis. Critics see this only as a protraction of the symptoms and not as a fight against the cause.
Inflation will continue to rise and citizens’ money will lose a lot of purchasing power, so that even if prices remain the same, fewer goods can be purchased. Although Bitcoin is not performing badly in the current crisis, BTC has yet to earn its reputation as “digital gold”.
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