Bitcoin resumed its upward momentum Wednesday as the price inched closer towards $8,000. The benchmark cryptocurrency closed the day above the key resistance area around $7,800.
While $8,000 remains untouched during the current rally, optimistic traders believe that a new bull run could be in the cards, especially considering that the BTC price currently trading over its 20-week moving average.
A similar price curve in 2019 was followed by major upward momentum that saw Bitcoin grow nearly 225% from the low-$4,000s to over $13,000 last year.
Meanwhile, in other important news over the past 24 hours:
Bitcoin Open Interest on CME Returns to Pre-March Crash Levels
Bitcoin futures exchanges are roaring back in a big way, indicating that the market may be showing some strength.
As Unfolded (@cryptounfolded) recently covered, open interest is steadily rising and spiked yesterday. However, traders should watch macroeconomic indicators to better gauge what the short-term holds.
99% of the Way to Bitcoin’s Next Halving
As of block 627,900, we are 99% of the way until Bitcoin’s next halving. Bitcoin will be among the most deflationary currencies in the world after the halving, which is likely to add more to its charm at a time when the Federal Reserve is printing money at an unprecedented rate.
According to some estimates, the BTC price could climb all the way up to a new ATH by this September.
Cryptocurrency Derivatives Market Sees $2 trillion Turnover in Q1 2020
A new report by TokenInsight reveals that the cryptocurrency derivatives markets are doing pretty well despite the global economy that has been battered by the COVID-19 pandemic.
The report further claims that Bitcoin (BTC), Ethereum (ETH), and EOS (EOS) have accounted for more than 90 percent of the market’s turnover.
Will Ethereum Be Successful in Topping $200?
From a top of $289 on Feb 15, the Ethereum price was steadily on the decline for nearly a month before going hitting $89.80 on March 13, during the infamous market bloodbath that saw 50% of the entire cryptocurrency market being wiped out within hours.
Things have marginally improved since, with the price going up above the 0.4 Fibonacci level of the range. That, however, doesn’t imply that the price movement should be considered bullish.
Bitcoin Analysis for April 28, 2020
The Bitcoin price is trading inside an ascending channel. It is approaching a very significant resistance level at $8,000. A breakout above this resistance could indicate that the price has begun a new upward trend.
- The Bitcoin price is trading inside an ascending channel.
- It has found support above the 50-hour moving average but is facing resistance from the 200-day MA.
- The confluence of resistances doesn’t foretell a bright outlook for BTC.
China Approves 224 New Blockchain Projects
The Chinese state has approved 224 blockchain projects that will soon go into production. The approval is the third batch to pass state censors.
Alice Crypto (@AliceolaCrypto) tweeted about the announcement with a screenshot of the official approval. Nearly 40% of the approved applications were from Beijing itself and the full list features quite a few popular brands.