The current Bitcoin bull is benefiting the majority of the cryptocurrency industry, including major altcoins. Many altcoins have seen decent levels of price growth.
The whole crypto market is turned green with few exceptions, taking the overall market cap to $186 billion. With this, most of the major altcoins were pumping in double-digit amounts. At present, Bitcoin coin also referred to as BTC is showing major growth among the top 10 cryptocurrencies.
At the time of writing, Bitcoin price has increased by 14.76% against the USD and is trading at $6,712.50. Currently, the BTC is holding a market cap of $122,733,728,535 USD with$51,991,060,074 USD 24 hour volume and 18,284,350 BTC circulating supply.
Technical Analysis
Currently, the Bitcoin price is moving towards the upper boundary of the triangle. The descending trend-line lies along with the next significant resistance level at $6800 – $6900.
However, if there is a breakout, then the next resistance level might be to the $6800, followed by the $7000 level and the high from Thursday around $7140 – $7200, which is the Golden Fib level. Further above lies $7400 and $7700.
At present, the RSI is showing a crucial resistance level of 46-50. Overall everything seems to be bullish for Bitcoin, but the RSI will have to create a high above the 50 levels in order to continue upwards
Bitcoin Price Sees Fresh high as FED Injects Cash Into Banking System
According to the few reactions on crypto twitter, it would appear that fed is the main reason behind the bitcoin pump. On 22nd March, FED announced to inject as much cash as possible into the banking system to make sure the sector runs fine.
However, the irony of the situation is that bitcoin, with a predefined total circulation, doesn’t appear to need any such relief in order to run a successful financial ecosystem.
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said that
“There is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there’s enough cash in the banking system.”
Bitcoin Adjusts To Annul The Effect Of COVID-19
As always, in times of global economic turmoil, investors constantly seek out safe-haven assets to invest in. However, this time, not many destinations exist, while promising security of capital. Despite this, bitcoin, which initially responded to the pandemic negatively, is now readjusting itself and taking a position as a safe haven asset.
Within the past few weeks, bitcoin is seen to steadily make gains against fiat. This is to be observed as it moved up more than 80% in 2 weeks after falling drastically. Bitcoin had initially fallen to around $3,800 in mid-March and has steadily risen up the charts since then, towering above $6,000 by the end of last week.
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