Price Analysis

Bitcoin (BTC) is Back with Full Power; How Much Bitcoin is Enough?

Bitcoin price spikes by 18% in just 24 hours from opening around $7.7k, yesterday to currently trading around $9.1k, at the press time. The price trend of BTC breaches above the 20-day Bollinger Band on the daily chart. The current price pump is an influential change happening due as there are less than ten days remaining to the Bitcoin Halving 2020.

Moreover, just when the other investment avenues are facing a tough time amidst the Coronavirus outbreak, Bitcoin and cryptocurrency market has shown a great amount of stability, which has restored the faith of investors.

Just when the world economy is nothing less than a bizarre, Bitcoin is luring the investor groups with complete support from the DMAs on the intraday chart. In the light of BTC bulls running the show, the RSI of BTC is already hitting the overbought region, and for the loyalists and lovers, “Bitcoin is never enough.”

Well, just when we talk about other investment avenues in comparison to BTC, the Year-to-Date performance has been a major concern after the Coronavirus broke out. The stock market went through one of the ugliest days of all times, the major resource of the world—Oil almost turned negative, and with the currencies tearing apart, this Pandemic has brought the world on its knees.

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

On a half-hourly chart, Bitcoin has extended its gaining trend for the 2nd day in the row and has remarkably marked above $9.2k, today. The price trend of BTC breaches the upper 20-day Bollinger Band, and we see the widening of the bands, hinting towards volatility. However, the crypto market itself is subject to volatility, and therefore, the same is not going to hold much weight.

On the intraday chart, Bitcoin is holding support around $8.4k and $7.8k at 50-day MA and 200-day MA, respectively. The MACD holds a bullish divergence as the coin rebounds around a 2-month resistance. It was almost in the last week of February 2020 when the coin called off below two months of bullish sentiment at $9k after four months of despairing trade since November 2019. As analyst says, Bitcoin will surely go up in chart after halving event. Make your investment before halving the event and you can able to make a good amount of profit from it. You can also visit BTC-Lifestyle.com and make your investment through it to make a huge profit from Bitcoin. It is an automated trading platform that focuses only on making profit from Bitcoin.

Tags

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button
Close