Bitcoin survives bear attack
Bitcoin can catch below the USD 7000 mark after the short-term dip and take advantage of the momentum of the traditional markets. This means that the bulls are ready, an attack on the next resistance is in the air. We look at the current market situation.
Bitcoin price in detail
At the time of writing, Bitcoin is quoted at USD 7139. In the daily chart, this value corresponds to a price increase of about 4%. A few hours ago, the “digital gold” staggered once again towards the support area at 6800 USD, after falling below the 50-day average at around 6940 USD. But then the bulls were able to take the helm and hoist the BTC above the important USD 7000 mark.
These limits are now coming into focus
The new support range is now USD 7000. From a bullish perspective, the coming resistances are now at 7200 USD and 7400 USD. The latter limit has already turned out to be a premature upper limit more often in the past few weeks. The volatility has decreased significantly in April. Price breakouts in the double-digit percentage range are rare. The crypto-market observes the traditional markets and reacts to global economic trends.
Traditional markets with strong performance
The Down Jones Industrial starts Wednesday with a plus of about 2% and thus makes for satisfied faces among most investors. Meanwhile, the DAX expands its gap to the 10000 point mark (current value: 10415). At the moment, many indicators point to a market recovery. However, the situation could turn out to be an intermediate phase of the bear market. Much depends on the further development of the coronavirus pandemic.
Market capitalisation again above USD 200 bn
Investors are pumping fresh capital into the crypto-market and the total market capitalisation is rising above the USD 200 billion mark. Out of a total of 205.7 billion USD, 130.7 billion USD are in Bitcoin investments. All Altcoins share a market share of “only” 36.5%. Whether this figure will change in favour of the Altcoins in the coming weeks remains questionable. With the upcoming halving event, the BTC should move even further into the focus of investors. Today, Wednesday, alternative assets can initially profit from the bullish market situation.
What are the Altcoins doing?
The Altcoins can use the current upswing and record their own price gains. Ethereum (current price: USD 182.36) is approaching the USD 200 mark in large steps and is cracking the market cap of USD 20 billion. This means that the “Smart Contract” coin remains the undisputed number 2 in the crypto charts. However, something could soon happen on the podium. After tether printed USDT units with a whopping USD 2 bn equivalent, the gap on Ripple is shrinking considerably. On Wednesday, DASH (+7.60%), Tezos (+7.25%), and Stellar (+7.71%) are the strongest bullish trends in the top 30.