Bitcoin price kept at $ 6,500 when the stock had the best day in 87 years

Bitcoin flashes the Wyckoff signal, suggesting a new bull market

Bitcoin (BTC) continued to trade near the $ 7,000 level on March 27 after traditional markets showed signs of increase and the Dow Jones had the best day in 87 years.

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

BTC trades within the $ 400 range

Data from Coin360 and Cointelegraph Market show BTC / USD pairs trading in a wide corridor from $ 6,500 to $ 6,900 on Thursday.

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

With lower levels of support, Bitcoin saw a third day in a row of trading above $ 6,000 when coronavirus's influence on the global financial system seemed to have diminished.

This is built on the success of the Dow, which saw its largest intraday growth since 1933 at 20% on Wednesday. Even, Wall Street Magazine is call This move is a bullish market.

The rise of the Dow came after the US Federal Reserve's unlimited money-printing announcement, something that immediately pumped the market, but disturbed Bitcoin supporters.

While Bitcoin continues to fluctuate, data shows that traders are reluctant to sell - according to Glassnode, the Bitcoin balances of exchanges are at their lowest level in 8 months since Thursday.

“Despite the volatility, Bitcoin holders seem to be withdrawing money from exchanges. The cash outflow has increased daily since March 18, ”the company wrote on Twitter.

Van de Poppe: there has been no price increase

Since falling to an 18-month low on March 12, the BTC / USD pair has recovered nearly 80% at the time of writing.

In a potential forecast, trader and businessman Alistair Milne proved that Bitcoin could even reach $ 9,000 within the next week.

However, for CoinTelegraph analyst Michaël van de Poppe, Bitcoin still has much to prove to get out of the bear market.

Although calling the increase of 80% is "extraordinary", but in an update video on Thursday, he said that Bitcoin has not been settled above $ 6,900.

"I don't think Bitcoin is in a bull market right now, because it has lost quite a bit of support and it has yet to reclaim anything," he said.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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