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- Bitcoin has risen from $6,200 to $6,750 within a few hours, a price increase of more than 5% in the last 24 hours.
- The Bloomberg Galaxy Crypto Index currently shows a buy signal for Bitcoin for the first time within the last three months.
The volatility on the cryptomarket remains high. Bitcoin was able to rise from $6,200 within a few hours, by 5% within the last 24 hours, to $6,750 for a short time, thus overcoming resistance along the $6,500 mark. At the time of writing, BTC has stabilized at $6,612.39.
Experienced Bitcoin trader Josh Rager describes that Bitcoin has risen from the support level of $6,200 to the next resistance level of just under $6,700 through a pump on the 4-hour chart. In his opinion, Bitcoin can only continue to rise if BTC manages to hold the level of $6,600, otherwise Bitcoin will fall again and show a similar price trend as in the last few days.
https://twitter.com/Josh_Rager/status/1245512478307614723
Bitcoin Trader George describes that he has set his stops along the $6,618 mark. BTC is currently moving at the lower end of a narrow price range, so he would not be surprised if Bitcoin showed an increased downward movement in the coming hours.
Trailed my stops to $6618 and added to full risk. Compounded and trailed 4 times now so just gonna let it run. We smashed below mid range so wouldn't be surprised to see accelerated downside. Let's see what we get. pic.twitter.com/d5xpZzkoOZ
— George (@George1Trader) April 1, 2020
A continuing bullish signal for Bitcoin and the crypto market could be the current Stablecoin Supply Ratio, which is approaching an all-time low. According to Glassnode, this fact could indicate a strong buying dynamic, with many investors waiting on the sidelines to enter the market. However, traders could also be speculating on renewed lower prices:
Stablecoin Supply Ratio (SSR) is near its ATL. Low SSR means the current stablecoin supply has strong buying power to purchase $BTC and push the price up. $USDT (ERC20) exchange balances at an ATH indicates that those coins are waiting on the sidelines.
According to Bloomberg, the most recent price development using the Bloomberg Galaxy Crypto Index (BGCI) indicates a buy signal. This index contains the most important assets such as Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and EOS and corresponds to the GTI Vera Convergence Divergence Indicator which is well known in the trader industry.
Most recently, the BGCI showed a buy signal at the beginning of January when Bitcoin was trading in the middle $7,000 range. Less than a month later, at the end of February, the BGCI recommended selling all assets when Bitcoin was trading at just under $9,000. In mid-March, a massive crypto crash occurred, in the context of which Bitcoin briefly dropped to $4,000.
Bitcoin Buy Search queries and registrations on exchanges rise
The US-based Kraken exchange records a record increase of 83% in new registrations and a 300% increase in verifications. The search term “Buy Bitcoin” has risen sharply in the United States and other countries around the world following the sharp drop in BTC prices. Although this is no guarantee of continued rising prices, these indicators show that investors have not lost faith in Bitcoin.
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