So, after a week of barely clinging onto the $5,000s, things are slowly gaining momentum for the world’s first and most popular cryptocurrency. Over the past 24 hours, Bitcoin has slowly crept its way up beyond the resistance at $6,100.
It’s just a matter of time now until we figure out whether this rally has enough firepower to sustain itself. But, one this is certain — Bitcoin is showing way more resilience compared to most conventional assets that have so far shown zero sign of hitting a bottom.
On that optimistic note, let’s quickly go through the major new developments that transpired in the past 24 hours.
Return of Bitcoin’s Bullish Price Prediction
SponsoredBitcoin’s scary flash crash last Thursday will forever remain a blot in its history. However, as the initial shock and pain now slowly subsides, the alpha-cryptocurrency seems keen on bouncing back with a powerful rally. With a nearly 20 percent gain over the past 24 hours, the BTC price is currently hovering in the $6,100-$6,200 range as the time of publishing.
Just as expected, with the rising price, an air of bullishness is returning to the Bitcoin industry.
Even Long-Term Bitcoin Holders Gave in to Panic Last Week
March 12 was a historic drop for the entire cryptocurrency sector. Most assets dropped some 50% in a single day, with Bitcoin itself seeing losses of over 40%. Fear gripped the market at record levels, sparking concerns that it would be permanently tainted.
As it turns out, the ensuing panic was so intense that even many long-term holders parted ways with a good chunk of their stashes.
Sponsored SponsoredTether Treasury Mints 60M USDT — AGAIN!
Tether has injected fresh capital worth $180 million into the market over the past two days. It did so in three separate batches of 60M USDT each. With Bitcoin now breaking past the $6,000 price point, many are attributing the recent Tether printings as the main catalyst.
Steemit Looks to Hard Fork to Avoid Justin Sun
The Steemit community has decided to end the battle with Justin Sun by giving him no power whatsoever. The move, if successful, would see the entire community move to a Steem hard fork called Hive. Sun’s STEEM tokens effectively are worthless if this takes place.
SponsoredEthereum’s DeFi Thrown into Disarray
On March 12, DeFi was thrown into disarray after the price of Ethereum precariously plummeted, shedding 30% in 24 hours amid worldwide market turmoil. The downward trend continued until the asset had been devalued by 50%. The biggest casualty was MakerDAO, the largest player in Ethereum-based DeFi. As it turns out, MakerDAO had the worst of this massive setback.
UK Pledges £330 Billion to Soften Coronavirus’ Economic Impact
The UK government has announced a new multibillion-dollar plan to stimulate the economy and reduce the impact of the menacing COVID-19 pandemic. Among other perks, this new initiative offers smaller businesses cash grants of up to £25,000 (about $30,200) to keep them afloat as they wait for the crisis to blow over.
Sponsored SponsoredDASH and STEEM are Leading the Altcoin March
Last week’s decrease in the Bitcoin price was even more unforgiving for altcoins, the majority of which suffered drops in a much larger magnitude than that of BTC. However, over the past two days, the price of two altcoins — STEEM and DASH — has increased considerably.
Bitcoin Analysis for 2020-03-19
- The Bitcoin price is trading inside a short-term range of $4,400-$5,600.
- It is possibly trading inside an ascending triangle.
- The price is trading above its 50-hour moving average (MA).
- There is resistance at $6,100.
