Cryptocurrency News Roundup for April 2, 2020

At the time of publishing, BTC is down by only 0.5% on the day with the more optimistic among us anticipating it to resume yesterday’s rally. Meanwhile, in other important crypto news from the past 24 hours:

Bitcoin Faces an Imminent Slowdown in Europe

The European Economy is currently in a ‘dire’ position as the COVID-19 pandemic continues to wreak havoc on pretty much a planetary scale, according to a recent analysis by Dutch multinational banking institution, ING. The exact scale of the COVID-induced slowdown is yet to be known. However, fear of unemployment is rampant in the community and is causing people to spend less. Against this gloomy backdrop, it is highly likely that the spillover effect from this quasi-recession will lead to a lull in crypto investments. Read the Full Article

Only $0.26 in Fees for a $670M BTC Transaction — Try That, Gold!

A $670 million Bitcoin transaction this week required just $0.26 in transaction fees. Love Bitcoin or hate it, but one has to agree that this was one of those feats that no other assets — digital or otherwise — would be able to pull off. Such low fees are also encouraging for investors who are worried about the issues surrounding Bitcoin scaling. Read the Full Article

Ethereum Classic, Steem, Kyber Network, and Qtum: 4 Altcoins With Tremendous Potential Right Now

Bitcoin’s dominance has been on the rise yet again since mid-Feb, implying that the vast majority of altcoins aren’t having an easy time out there. Amid all the turmoil, however, four altcoins — ETC, STEEM, KNC, and QTUM — have shown signs of substantial gains in the month of April.

• Ethereum Classic (ETC) has found support above its 200-day moving average.
• Kyber Network (KNC) has reached a primary support level.
• Steem (STEEM) is following an ascending support line.
• Qtum (QTUM) is trading near an all-time low.

Read the Full Article

Where Will BTC Stand by the End of 2020? [Analysis]

Bitcoin plummeting all the way down to $3,850 on March 13 was no doubt one of the scariest flash crashes the community has ever witnessed. The impact was perhaps felt even more given that the next halving is going to happen just a few weeks from now and everyone was hoping for the alpha-crypto to embark on a rally ahead of it. Our technical analyst Valdrin argues how the March 2020 bottom shares numerous similarities to that reached in January 2015. He further points out that if the movement afterward is also similar, the BTC price will consolidate and increase gradually until the end of the year before breaking out and accelerating its rate of increase. Read the Full Analysis

Bitcoin Analysis for April 2, 2020

The BTC price initiated an upward move on April 2 and broke out above its descending resistance line. The price movement and creation of numerous higher-lows indicates that the price wants to continue moving upwards.

• The Bitcoin price broke out from a symmetrical triangle.
• There is support and resistance at $6,500 & $6,800, respectively.
• The price is following a longer-term ascending support line.

Read the Full Analysis