Monday turned out to be a surprisingly fruitful day for Bitcoin (BTC) worth because the digital asset rose 12.73% to $ 6,599 earlier than returning to $ 6,380 a couple of hours later.
Regardless of gloomy news of america who’ve reached 3,000 deaths from the Coronavirus and main retailers leave of absence 500,000 staff, conventional markets additionally rose on Monday. The S&P 500 rose 3.35%, whereas the Dow and Nasdaq gained 3.19% and three.62%, respectively.
Crypto market day by day worth chart. Supply: Coin360
As mentioned in a current analysis, the worth of Bitcoin that was required to get well the USD 6,200 degree to keep away from a recurrence to USD 5,870. By retaking $ 6,200, the worth rose above the falling pattern line and the 23.6% Fibonacci retracement degree.
BTC USDT 4-hour chart. Supply: TradingView
Earlier within the day Cointelegraph contributor Michaël van de Poppe suggested that the worth, as soon as above $ 6,200, may rise quickly to $ 6,600 and merchants will observe that right this moment the worth lower the amount hole from $ 6,250- $ 6,590 on the VPVR indicator.
Regardless of right this moment's spectacular positive aspects, Van de Poppe believes that the worth stays beneath $ 6,900 bearish and expects the worth to face stiff resistance as soon as $ 6,600 is reached.
Based on van de Poppe, each "bull / bear situations revolve across the $ 6,600 space" and additional defined that:
"When the $ 6,600 space is rejected and the CME hole is closed, additional downward strain is anticipated."
BTC USDT day by day chart. Supply: TradingView
A push above $ 6,900 wouldn't essentially be the answer to Bitcoin's bearish affect as there’s a massive quantity VPVR node of $ 7,200 and this degree is anticipated to perform as a powerful resistance. As soon as above $ 7,200, merchants will set their targets on the $ 8,000 the place the 50- and 200-day transferring averages are at the moment situated.
Bitcoin day by day worth chart. Supply: Coin360
A lot of the prime 10 altcoins additionally posted average positive aspects because the Bitcoin worth rose to $ 6,600. Ether (ETH) recorded a 3.57% acquire whereas Bitcoin SV (BSV) and Binance Coin (BNB) added 9.66% and 5.50%, respectively.
Whole cryptocurrency market cap is now $ 180.7 billion and Bitcoin's dominance is 65.2%.