Bitcoin is struggling to overcome stubborn resistance around $7,800 despite two consecutive attempts on Monday. The possibility of a retreat to $7,600 seems likely.
Some analysts believe the dip could take BTC to $7,400 before embarking on a new rally towards the psychological barrier at $8,000.
Meanwhile, with the Federal Reserve printing money at an unprecedented rate, an increasing number of investors are currently on the lookout for a credible hedge against inflation. Bitcoin could potentially score big from that group. More on these and other big news from the past 24 hours in our cryptocurrency news roundup for April 27, 2020.
Will BTC’s April 2019 Fractal Take It to $16,000?
Throughout April and May 2019, the Bitcoin (BTC) price traded inside an ascending wedge. Even though this is considered a bearish reversal pattern, the price broke out and increased by more than 100 percent afterward.
Interestingly, since reaching a bottom on March 13 of this year, the price has been trading inside a similar ascending wedge.
- The Bitcoin price is possibly following a fractal from April 2019.
- While the price movement is very similar, the technical indicators are not.
- A price movement above $8,100 would increase the possibility that the fractal is being followed.
What Happens to North Korea’s Alleged $670M Crypto Stash Now?
Rumors are swirling that North Korean leader Kim Jung-Un could be dead following an unsuccessful heart surgery. The country allegedly holds upwards of $670M in cryptocurrency. Could the regime become desperate for cash and sell off these holdings?
Crypto Price Analysis April 27: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK
- Ethereum’s 50 and 200-period moving averages have made a bullish cross, indicating a likely surge in the ETH price, followed by an eventual breakdown
- The Ripple (XRP) price is expected to decrease towards $0.186 or $0.181.
- Bitcoin Cash (BCH) continues to follow an ascending support line since March 22, signaling an imminent attempt at breaking out.
- The Bitcoin SV (BSV) price has been trading inside a descending triangle, which is considered a bearish reversal pattern
- The Litecoin (LTC) price also saw a bullish cross between the 50 and 200-MAs, meaning upward momentum is likely.
Investors are Flocking to Bitcoin as the Leading Cryptocurrency Hits its Stride
You might want to rethink your investment strategy just in case you were under the assumption that things are about to get better for global financial markets. Billionaire bond manager and the CEO of DoubleLine Capital, Jeffrey Gundlach, believes that the stock markets are yet to hit the bottom.
Meanwhile, with the BTC halving less than one month away, Bitcoin is appearing to be quite a charming alternative to institutional and retail investors alike.
What Makes Tether so ‘Special?’
Over the past several weeks, BeInCrypto has extensively covered the unprecedented rate at which the Tether Treasury has been minting USDT.
Many fear that such a rapid influx of Tether into circulation is detrimental to the asset class as it is virtually meant to artificially inflate the BTC price. Earlier this month, however, a new analysis emerged claiming that the issuance of stablecoins doesn’t push up the BTC price, or any cryptocurrency for that matter.
Surprisingly, many publications used this report to push the narrative that the COVID-19 pandemic has increased the demand for USD-backed stablecoins. These reports glaringly ignore certain key facts, though. For example, if the demand for stablecoins is actually so high, why is it that no other stablecoin has seen a surge anywhere close to that of Tether?
Almost Half of all ETH Mined in 2020 was Bought by Grayscale Investments
The Grayscale Ethereum Trust has reportedly purchased 48.4 percent of all the ETH that has been mined so far in 2020, according to a report that was published by Grayscale Investments on March 20, 2020.
The report also underlines that the interest in ETH seems to have grown significantly among investors, who are even willing to pay a premium on the asset.