Analyzing the indicators of the past week, we can see some signs of Bitcoin stabilization. After the crushing collapse of traditional markets, the depreciation of digital currencies provoked by the spread of Coronavirus, bullish impulses gives hope for recovery. But now you should be as careful as possible: in the face of the fluctuation of the Bitcoin exchange rate, it is too early to talk about the complete revival of the most popular digital currency.
The Bitcoin exchange rate has already returned to the level of $6,000 last week. Analysts have already recorded indicators that indicate the movement of Bitcoin in the direction of bull wounds. We can see how the depreciation has stopped and does not fall below the minimums set in March.
Despite the positive indicators, Bitcoin remains in a precarious position. The collapse of the exchange rate below $5,000 “tarnished” ideas about the stability of the digital currency a little and caused a storm of doubt among investors. It is expected that in such conditions the number of those who want to sell Bitcoin will increase.
According to the trading schedule, there are prerequisites for Bitcoin to reach $6,800. But this is the maximum indicator at which the Bitcoin rally will stop, given the current situation in the global market.
A bar chart published on TradingView.com shows that bullish momentum will accelerate. If Bitcoin consolidates and makes a breakthrough, in the future we can observe how forecasts about the appreciation will become a reality.
World markets are currently experiencing the stage of the greatest uncertainty over the past decade. Analysts cannot say with confidence what to expect next and how Bitcoin, the traditional assets, will respond to the new challenges associated with the spread of COVID-19. That is why the Bitcoin’s HTF trend remains only in the area of forecasts, making affirmative statements about the market behavior of Bitcoin is not entirely correct.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.