Bitcoin price increased 10% to $ 5,600 when the stock responded to ECB's 750 billion euro bailout

Crypto market recovered after a difficult week, Bitcoin price above $ 8,000

Bitcoin (BTC) made a significant profit on March 19 when the developments of the corona virus suddenly turned positive for investors.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

BTC price reached a 6-day high

Data from Coin360 and Cointelegraph Market show that the BTC / USD pair has risen 11% in the last 24 hours at press time on Thursday.

With the current price of $ 5,630, Bitcoin has marked the highest level since March 13 - the time the cryptocurrency dropped to an all-time low since 2018. Since then, BTC has recovered. more than 50%.

1-day chart of Bitcoin price. Source: Coin360
1-day chart of Bitcoin price. Source: Coin360

However, analysts are not very expecting a big growth momentum. As Toiyeubitcoin reported, veteran trader Tone Vays warned on Wednesday that Bitcoin is preparing for a bottom low of $ 2,000 in May.

For Cointelegraph filbfilb analyst, in the short term it can be seen that the king's coin ranges from $ 4,000 to $ 6,000.

“We want to see a clear decline below $ 4,800 and focus on trading above. It will become really volatile for a while, ”he wrote on his Telegram trading channel on Wednesday.

Continuing the measurement response to the latest market conditions, statistician Willy Woo believes that Bitcoin will need time to fully recover. He tweet:

"I didn't expect a V-shaped bottom, I think there will be time, a cumulative range before moving upwards."

Woo added that from the perspective of the charts he included in the article, Bitcoin still showed bullish signs.

ECB participates in relief plan

Meanwhile, the latest losses of traditional markets stem from the announcement of a new huge bailout package against corona viruses. This time, the move came from the European Central Bank (ECB) with a value of 750 billion euros.

Facing similar efforts from the Federal Reserve last week, Christine Lagarde, President of the ECB, announced that there would be no limits on potential financial measures.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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