Bitcoin (BTC) Trades Sideways as Alts Steal the Show; Struggles to Stay Above $10k

India has a population of over 135 crores and is the second-most populous country after China, with the majority of the population keen to invest in profit-making avenues. Moreover, Coronavirus Pandemic has enticed opportunities for earning from home amidst the loss of jobs due to economic standstill. It was just then when the majority of Indians came across investing in Bitcoin and cryptocurrencies on the whole.

With the frisky youth of the country, investing in Bitcoin and crypto is gaining enough attention with just a pre-requirement of a smartphone and Internet. Also, not to forget that the Internet has been a savior to many in this Pandemic as earning from home opportunities elevates. It was just today when CEO of Binance—the global cryptocurrency trading platform recognized the potential through the growing demand of cryptocurrencies using Indian Rupees (INR).

When it comes to trusting the process of the center in the time of Pandemic like such, we see that there has been enough quotative easing, which will ultimately lead to bouncing interests while the repayment of the “Free Money” generated. In this way, the Fed will take no time to print almost the whole Bitcoin market cap every month as we desire a V-shaped recovery, which usually happens after a crisis. It was just a few days back when the curves had turned flat due to lockdown and diminishing GDP contribution, while the current relaxations have proven to be escalating as people adapt to the “New Normal,” with a flow of fear and excitement both.

As accounted for over a long time, a blend of inflation in the economy is, however, welcomed. Still, we are not ready for hyperinflation as an after effect of the Pandemic any soon. But, inflation—as a component was introduced by central bankers while failed to rule it out with a new escape, and now, we are adequate with a system blended with inflation.

Adopting to a smarter way without interruption of center and government, Bitcoin and cryptocurrencies have been serving a way out and had held strong support amidst the market crash.

Bitcoin Price Analysis

Bitcoin struggles to have an uninterrupted trade above $10k, and yesterday, it was its 5th failed attempt since the start of the year until the press time. Moreover, it was just around the press time when BTC retested support around $9.74k and restored its momentum to trade above $9.8k immediately. The intraday trading price is likely to oscillate between $9.7k to $9.85k until we see a persistent trade amidst the recurring target above $10k. Hence, as per the recent fall and Bitcoin price forecast, the coin might continue to trade in a similar trend and would struggle to cross $10k mark.

Bitcoin NewsOn the half-hourly chart, BTC/USD was seen reclaiming position above $10k momentarily, yesterday. Bitcoin has been facing a lack of momentum and is, therefore, poised below $10k. On the given half-hourly chart, Bitcoin is retaining support from 50-day and 200-day MA at $9.8k and $9.72k, respectively. The 20-day Bollinger Bands are seen widening, and we are likely to see unprecedented volatility within a range. Moreover, the technical turned bearish, and the selling pressure is abode, while the RSI lies at 36.09.

BTC NewsOn the other hand, if we look at the emphasized movement over the past 24 hours, we see moderate volatility wherein the coin is holding two extremities in less than 24 hours and holds no support from 10-day MA as well as 21-day EMA.

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.

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