Price Analysis

Bitcoin Likely to Turn Up as a Safe Haven Amidst Global Crisis

eToro
  • Bitcoin, at the time writing, was trading around $6,600 after retreating by $1000 since yesterday, until the time of writing
  • BTC has regained support from the daily Moving Averages as we see steady intermittent uptrends over the past 10 days
  • Impressively, the Bitcoin price trend has been moving in a certain range after it bottomed near the yearly lows earlier this month
  • The major resistance for BTC lies around $7k as per the current momentum as the coin positively breached above $6.5k over the past 24 hours

Bitcoin (BTC) takes a rising toll as it makes a positive and realistic move above $6k for the 5th day straight after a bearish duration experienced. Nonetheless, by the end of yesterday’s trading session, BTC price has spiked by over 9% and turned the heads up for the 3rd time above $6k in a span of 7 days.

Bitcoin Price Analysis:

Bitcoin News
BTC/USD Chart By TradingView

Analyzing the Bitcoin price against the US Dollar, we see that the coin has been experiencing an extended spike amidst the intermittent bullish crossovers. The coin has positively crossed above the major resistance at $5,600 after a week of trading sideways. However, the volatility still happens to be a major concern as the global crisis deep digger.

eToro Crypto

Bitcoin is holding high after the major pullback, but in this crucial time as the markets worldwide are crashing and have turned real ugly. However, we firmly believe that if BTC continues to maintain a trading level, it is likely to interchange place with Gold to be called a safe haven.

The coin has readily tuned into a bullish zone as there has been no downward correction over the past 24 hours. Although the volatility in the market is at bay and therefore, the major support lies at $6.3k, $6k and $5.8k.

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