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- Bitcoin is again testing the strong resistance along the $7,500 mark in order to target the $8,000 mark in the long term.
- Experts are currently discussing whether the BTC price could initiate a strong downward trend in case of a rejection.
- The Altcoins Ethereum (ETH), Litecoin (LTC), IOTA (MIOTA) and Monero (XMR) are currently following the price trend of Bitcoin and could also be strongly influenced by a fall in the price of BTC.
Bitcoin shows a clear upward trend within the last 7 days and has risen by 13.85% to a price of $7,284.28. However, BTC is currently biting its teeth at the strong resistance along the $7,500 mark. However, the monthly chart shows a steady uptrend since Bitcoin bottomed out at $3,800, as some experts explained.
The popular Bitcoin Trader Big Cheds describes on Twitter that Bitcoin is drawing a tower bottom pattern in the 1 hour chart, also known as a Bart, so Bitcoin absolutely must overcome the resistance at the $7,500 mark to avoid a downward movement.
$BTC #Bitcoin 1 hour closer to a tower bottom. Or what you might call Bart https://t.co/pFLUJQjqJ4 pic.twitter.com/a2alhOHESQ
— Cheds (Trading Quotes) (@BigCheds) April 8, 2020
Another analyst said on Twitter that he remains bullish for Bitcoin as long as BTC does not fall under the important support of the $7,000. Bitcoin has already tested the $7,500 mark twice in the last 24 hours, but has not been able to overcome the strong resistance. The rejection was clearly shown in the Bitcoin 1-hour chart.
As Crypto News Flash already reported, Ethereum is the best performing cryptocurrency among the top 10 largest cryptocurrencies of the last few days. ETH is approaching the 200-day moving average, a critical value that could determine whether ETH continues its sustained upswing or a correction follows.
Research and analysis company Glassnode further notes that Ethereum’s MVRV ratio shows that the cryptocurrency is undervalued and the price should be around $202. The MVRV ratio is a measure developed by Glassnode that assesses whether the current price of a cryptocurrency indicates an upward or downward trend, based on the consideration of extensive fundamental data. This could indicate that ETH will soon test the $200 mark and, if the resistance is overcome, a further upward trend could follow.
#Ethereum's MVRV Ratio, a metric used to assess if price is above or below "fair value", currently sits at 0.8 – indicating that it is currently undervalued.$ETH's realized price is currently $202 while current market value is $164.https://t.co/1Ds0PoTar9 pic.twitter.com/etfwk8t4WW
— glassnode (@glassnode) April 6, 2020
Litecoin (LTC) is also following the current trend of Bitcoin and has seen an upward trend of 18.04% over the last 7 days, to a price of $46.07. Monero (XMR) shows a similar trend and the XMR price rises by 18.87% to $57.34. IOTA has written a lot of positive news in the last few days and has risen by 17.67 % to $0.17 in the last 7 days.
Central banks worldwide pump billions into the market
Meanwhile, the American leadership under Donald Trump has announced that it will provide a $6 trillion aid package to stimulate the economy and save citizens. Both the FED and the European Central Bank will pump 750 billion euros into the market to save the European economy from collapse.
All these measures will lead to a further increase in inflation and are seen by experts as a delay in the crisis rather than a solution. The enormous flood of money will lead to a further increase in public debt and a worsening of the crisis. It remains to be seen whether Bitcoin will live up to its reputation as digital gold in these turbulent times.
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