Bitcoin Likely to Turn Up as a Safe Haven Amidst Global Crisis
- 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:
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. Although the market volatility is at bay, and as per Bitcoin prediction, the major support lies at $6.3k, $6k, and $5.8k.
Day 509
After major correction in price, #Bitcoin has held up quite strong compared to other markets.
We’re at a crucial stage. If Bitcoin continues to hold strong then it’ll emerge as THE asset class that people move to during a crisis
Indians need a choice #IndiaWantsCrypto
— Nischal (Shardeum) ⚡️ (@NischalShetty) March 24, 2020
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.
