Yesterday’s hopes for stimulation by the central bank led to a significant upsurge in the stock markets afterward of their worst week over the past 10 years.
Cryptocurrency markets still won, having a confident start to the week with a profit of almost $ 15 billion, because yesterday they reached the bottom of $ 240 billion. The total capitalization in real-time amounts is over than $ 250 billion and hopes for the resumption of the rally begin to seep back into the cryptosphere.
Bitcoin locks at $ 9,000
BTC yesterday showed a major increase, rising from a small mark of this change within $ 8,400. It’s just a bit less than $9 thousand. But it did not absolutely reach a mark, according to Tradingview.com.
An increase of 3% returned the digital gold above $ 8,800 in order to defeat the resistance by a 200-hour moving average. At the moment, it is trading back above the 200-day moving average and sent to resistance on the 50-day moving average. which makes out at around $ 9,150.
In any case, Bitcoin is spaced out, and at this moment it is moving in connection with the stock markets. It is still on the way to a significant rise subsequently.
Other assets on crypto markets
Other digital assets reflected the behavior of their own older brother’s value, and some brought even greater benefits.
Ethereum returned to resistance at $ 230 with a 5% move per day. Most likely, it will switch again if BTC can now win $ 9k.
XRP Ripple received a small impact, adding 3.5%, while BCH – 6%, and BSV – 9%. Litecoin again exceeded $ 60, while EOS and BNB gained 3% per day.
Tezos added 5%, adding 2.75 bucks, while Chainlink grew even more – 9% rose to 4.25 bucks.
The true test will be Bitcoin, which is required to exceed $9 thousand for all kinds of hopes for the resumption of the rally. The first 2020 rally was a breath of fresh air not only for Bitcoin but also for almost all altcoins, increasing its capitalization over the past week to $244 billion (18%).
So, BTC is trying to break through to $ 9,000, but so far it is encountering resistance. Altcoins supported this impulse, first showing an impressive leap, and then moving on to more moderate growth.
Crypto enthusiasts want to believe that Bitcoin and altcoins are still able to show new historical highs. In fact, we are still dealing with a series of declining highs: players are starting to take profits at lower levels, and so far this trend has not been broken.
Another significant difference with the 2017 rally is that now market participants do not have that much time. Now the profit is fixed by bots, which are given clear instructions on the levels, so you should pay attention to technical indicators because institutional investors are guided by them.
Bitcoin jumped 5% on Monday, approaching the round mark of $ 9,000 amid a rebound in stock markets and oil. According to analysts, after the upcoming halving in May, Bitcoin should rise to $ 15,062 in order to ensure miners break-even work.
Meanwhile, the third month of the year is considered historically bad for Bitcoin. Over the past 9 years, since 2011, BTC on average decreased in March by 4%.
“The collapse of the stock market, followed by Bitcoin, showed that at the moment the first cryptocurrency can hardly be considered an independent asset and a“ safe haven ”. The growth of investment infrastructure created all conditions for BTC to be sold together with all risky assets. Now everything is developing in such a way that a new “Black Monday” can be ahead of us. ”
Cryptocurrencies collapsed after the traditional ones, refuting the assumption that Bitcoin is a quiet haven in times of turbulence. Nevertheless, the current, quite large-scale correction can provide buyers with new opportunities to open long positions. In addition, the sharply cheaper cryptocurrency market is able to attract investors who buy assets at a large discount.
Will BTC break through $ 9K today? Add your price suggestions in the explanation section below.
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.