Monday proved to be a surprisingly fruitful day for Bitcoin (BTC) worth because the digital asset rallied 12.73% to $6,599 earlier than pulling ag
Monday proved to be a surprisingly fruitful day for Bitcoin (BTC) worth because the digital asset rallied 12.73% to $6,599 earlier than pulling again to $6,380 a couple of hours later.
Regardless of gloomy information of the U.S. reaching 3,000 deaths from the Coronavirus and main retailers furloughing 500,000 employees, conventional markets additionally surged on Monday. The S&P 500 rallied 3.35% whereas the Dow and Nasdaq gained 3.19% and three.62% respectively.
Crypto market day by day worth chart. Supply: Coin360
As mentioned in a current evaluation, the worth of Bitcoin wanted to reclaim the $6,200 stage to keep away from a revisit to $5,870. Retaking $6,200 positioned the worth above the descending trendline and the 23.6% Fibonacci retracement stage.
BTC USDT 4-hour chart. Supply: TradingView
Earlier within the day Cointelegraph contributor Michaël van de Poppe recommended that after above $6,200 the worth might rapidly rise to $6,600 and merchants will observe that right this moment the worth sliced by means of the quantity hole from $6,250-$6,590 on the VPVR indicator.
Regardless of right this moment’s spectacular acquire, van de Poppe believes that whereas under $6,900 Bitcoin worth stays bearish and he expects the worth to come across stiff resistance as soon as $6,600 is reached.
Based on van de Poppe, each “bull/bear eventualities pivot across the $6,600 space” and he additional defined that:
”The second that the $6,600 space is rejected and the CME hole is closed, additional downward stress is anticipated to happen.”
BTC USDT day by day chart. Supply: TradingView
A push above $6,900 wouldn’t essentially be the cure-all for Bitcoin’s bearish slant as there’s a giant excessive quantity VPVR node at $7,200 and this stage is anticipated to operate as a robust resistance. As soon as above $7,200 merchants will set their targets on the $8,000 the place the 50 and 200-day transferring averages are at the moment located.
Bitcoin day by day worth chart. Supply: Coin360
The vast majority of the top-10 altcoins additionally posted average beneficial properties as Bitcoin worth surged towards $6,600. Ether (ETH) notched a 3.57% acquire whereas Bitcoin SV (BSV) and Binance Coin (BNB) added 9.66% and 5.50% respectively.
The general cryptocurrency market cap now stands at $180.7 billion and Bitcoin’s dominance charge is 65.2%.