BTC trades near $7,000

27 Mar 2020

Bitcoin Bitcoin continued to trade close to $7,000 on Friday as traditional markets revealed bullish indications and the Dow Jones recorded its best day in 87 years.

As per data from Coin360 and Cointelegraph Markets, BTC/USD traded between $6,500 and $6,900 on Thursday overnight.

Bitcoin, the world’s largest cryptocurrency by market cap, registered its third consecutive day over $6,000 as gloom stemming from the coronavirus pandemic seemed to wane in certain parts of the global financial system.

Indeed, on Wednesday the Dow Jones recorded its largest one-day growth since 1933, at 20%. 

Subsequently, the U.S. Federal Reserve made an announcement to print unlimited amounts of money, which immediately bolstered markets.

Although Bitcoin kept fluctuating, data from monitoring resource Glassnode indicated exchange balances were at an eight-month low on Thursday.

Glassnode said on Twitter: “Despite the volatility, #Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18.”

At the time of writing, BTC/USD had recovered 80% since plummeting to close to 18-month lows in the middle of this month.

Nevertheless, according to Cointelegraph Markets analyst, Michaël van de Poppe, Bitcoin needed to do more to move away from its bear market behaviour. 

Although Mr Van de Poppe described Bitcoin’s 80% gains as “tremendous”, he added that levels above $6,900 were still untouched.

He stated: “I don’t feel that Bitcoin is in any bullish market right now, given that we’ve lost pretty substantial support and we didn’t reclaim anything at all.”

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