Bitcoin regains $6k after a short dive
30 Mar 2020
Bitcoin recaptured $6,000 on Monday as many crypto analysts recognised the potential for the BTC price to fill a new gap in futures markets.
According to data from Coin360 and Cointelegraph Markets, BTC/USD was trading at around $6,300 at the time of writing, a 2.8% rise on the day.
The pair had declined to lows of $5,870 over the past 24 hours, after indicating weakness over the weekend. However, Bitcoin, the world’s largest cryptocurrency by market cap, regained lost ground within a matter of hours.
As it stands, analysts are optimistic that price action would remain bullish, allowing Bitcoin to plug a new futures gap from the end of Friday’s trading.
A Cointelegraph report states that the gap is between $6,300 and $6,680, Friday’s closing price of CME futures.
Bitcoin has often gone back to trade at levels left behind by futures markets, ahead of the price volatility rising in the middle of this month when just one gap remained, at $11,800.
However, according to Cointelegraph Markets analyst, Michaël van de Poppe, an overall bearish trend for Bitcoin remained, despite the potential upside brought about by the gap.
He said on Twitter on Monday: “The first level for support held and we've pushed upwards. There's also the CME Gap, probably the reason why we're moving, so that could be closed first.
“This means that a $6,050 flip could trigger another push to $6,400-$6,500, before further down.”
Looking to Asia, central banks were responding to the weakness caused by the coronavirus pandemic by continuing with a massive international money printing program, with China unveiling a $7 billion cash injection.
This is a comparatively small amount when the U.S. is taken into account, as the Federal Reserve prepares to add $6 trillion to the dollar supply, reports Cointelegraph.
President Trump told reporters: “It’s our money; we are the ones, it’s our currency.”
Latest Blogs
Goldman Sachs clients moving back into crypto
25 Mar 2024
Bitcoin tests $66k level, as number one crypto “remains volatile”
22 Mar 2024
Bitcoin gains after hitting crucial support
21 Mar 2024
Ethereum could hit $14k by end of 2025, says Standard Chartered
20 Mar 2024
Solana’s SOL tops $200
18 Mar 2024
Back to Blog