• Yesterday the Bitcoin price rose from $6,600 to $7,050 in a few hours and was able to maintain this level until the time of writing.
• XRP follows the trend of Bitcoin, but with a price gain of more than 10% Ethereum (ETH) is the biggest winner among the top 3 cryptocurrencies.

After Bitcoin initially fell from $6,900 to $6,600 yesterday, a strong pump followed, which in the meantime caused the Bitcoin price to climb to $7,100. Within the last 24 hours, BTC thus shows a price increase of 6.1% to a price of $7,079.46 at the time of writing. The market capitalization of Bitcoin has increased from $121 billion to $129 billion.

Experienced Bitcoin trader Josh Rager describes that Bitcoin’s support along the $6,600 mark has held steady since April 1. Bitcoin rebonded yesterday, rising briefly to $7,150 through a pump. Rager further notes that Bitcoin could start another bullish trend if Bitcoin closes above the $7,000 level on the 4-hour chart.

Another positive signal for the crypto market is that whales are currently withdrawing their Bitcoins from exchanges and sending them to external Bitcoin wallets. This trend and a relatively low trading volume could indicate that Bitcoin is considered a safe haven in times of crisis, Rager added. The data analysis service Whale Alert also confirms this observation and monitored several high-volume transactions of Bitcoin.

Well-known Bitcoin trader Galaxy said on Twitter that he is waiting for Bitcoin to close above the $6,950 mark on the daily chart, as he believes that only at that point can Bitcoin confirm a further upward trend. Crypto trader Big Chonis Trading shared a chart on Twitter that shows that Bitcoin is trying to break through the important 50-day moving average, which could be another indication of an uptrend.

Bitcoin trader and technical analyst “Teddy” describes that Bitcoin could show a correction if BTC does not manage to stay above the $7,000 mark on the daily chart. The $7,000 mark is seen by many other analysts as an important zone that Bitcoin must hold in order to continue its upward trend in the coming days.

https://twitter.com/TeddyCleps/status/1250863912037335042

Within the top 20 largest cryptocurrencies in terms of market capitalization, Ethereum (ETH) shows the biggest upswing with a plus of 11.62 %, ahead of Chainlink with 10.96 %, Bitcoin Cash with 9.41 % and Ripple (XRP) with 3.71 %. The well-known Bitcoin trader HornHairs describes on Twitter that Ethereum shows a similar price movement to 2017, which then continued a downward trend.

Central banks continue to flood the market

After central banks around the world announced huge financial injections of 750 billion euros (ECB) and $700 billion (FED), the IMF also announced that it will grant immediate loans to weakened countries, thereby once again pumping more money into the market. Critics in the industry do not see this as a solution to the problem, but only as a delay to the actual crisis.

Bitcoin bull and multiple billionaire Mike Novogratz recently explained that Bitcoin must now live up to its reputation as “digital gold”, otherwise he will sell all of his Bitcoins. It remains to be seen whether Bitcoin will continue to rise or whether the high volatility will continue.

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