- Bitcoin, Ethereum, XRP as well as the entire Altcoin market have been in the green since yesterday, with double-digit growth.
- Experts still disagree as to whether this short-term rebound is of a sustainable nature.
Bitcoin reached an annual low of just under $3,700 a few days ago, following an alleged botnet attack on BitMEX. Afterwards BTC was able to recover and rose to $6,162.42 at the time of writing. With an increase of over 15.55 %, Bitcoin’s market capitalization also rose to $112 billion.
Experienced Bitcoin trader Josh Rager describes that Bitcoin has bounced off an important resistance of just under $6,400. BTC had tested this former support level twice before the price crash and broke through it as a result of the crash on March 12th. Only when BTC manages to overcome this important resistance could a trend reversal be initiated, according to Rager. Even if stocks show a short recovery, this is by no means a bullish signal for BTC, as Rager notes.
https://twitter.com/Josh_Rager/status/1240854969718358018
The well-known crypto analyst CryptoGainz states on Twitter that Bitcoin was able to break through some resistance in the short term, but is now moving along a trend line of $6,200, which could become a new resistance. He thinks that Bitcoin will not rise further in the next day, as it first needs to attract new buyers.
https://twitter.com/CryptoGainz1/status/1240742018290155521
Another well-known trader, Michaël van de Poppe, describes that he is bullish for Bitcoin in the medium and long term, but in his opinion BTC must fall further to find the bottom. Only then can healthy and sustainable growth take place. Currently, the market is further driven by the panic about the corona virus and has therefore become unpredictable:
I’d love to have the bottom on BTC here, but I doubt we’ve seen it. I do believe we’re close. And these prices give you opportunities to long the most bullish asset of the next 5 years. Be wise and use that opportunity. Our economic system is screwed due to the virus
The popular trader Smack also sees strong resistance at $6,410, which must first be overcome. He expects BTC to bounce off it and there will be a renewed consolidation of the price.
https://twitter.com/SmackTrades/status/1240434446949650434
The Altcoins Ethereum, XRP and Litecoin also show double-digit price increases. At the time of writing, Ethereum stands at $136.81, XRP at $0.16 and Litecoin at $39.16. Within the top 20 largest cryptocurrencies, Bitcoin SV recorded the largest price increase with 28.49% to a price of $159.01. The market capitalization of the entire market has increased to $169 billion. It remains to be seen whether these developments already initiate the turnaround.
Central banks pump multiple Bitcoin market capitalization into the market
As Crypto News Flash has already reported, some central banks around the world have announced large financial injections to rescue the collapsing economy or to further delay the crisis that has occurred. Both the Federal Reserve (Central Bank of the Americas) and the European Central Bank have each announced purchase programs of $700 billion (FED) and EUR 700 billion (ECB).
These developments show that the central banks are doing their utmost to counteract the downward trend and to stimulate the respective economies. However, experts see these steps as nothing more than a protraction of the crisis, as the underlying debt money system has produced dizzying amounts of public debt worldwide, which can probably only be eliminated by a debt cut or currency reform.
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