$ 37,160
$ 1,185.2
$ 144.33


Despite strong resistance on April 20, bitcoin (BTC) maintained $7,000  as oil crashed through fresh support levels towards $10.

Heading into what promises to be a choppy week for traditional markets, here are five things to watch for Bitcoin traders in the coming days.

Bitcoin has now maintained $7,000 support since April 16, while analysts continue to warn that year-to-date resistance and the 200-day moving average both present barriers to further growth.

BTC/USD began 2020 at $7,295, while the 200-day moving average currently sits at around $8,000.

“Breaking and flipping the yearly level and I assume we can continue towards $7,600,” One analyst Michaël van de Poppe predicted on Monday.

“Rejecting at $7,200-7,250 and rolling over and my first targets are $6,600 and $6,800.”

Nonetheless, as last week ended, the cryptocurrency moved above the 50-day moving average, flipping previous resistance.

In traditional markets, the picture remained highly varied. Previous omens of $10 oil appeared to be slowly coming true as WTI crude fell below $15.

The last time such prices were recorded was in 1999, while a $10 price tag was rarely seen on market closes even then — since 1987, a close of $10.82 formed the record low, according to data from Macrotrends.

As it was reported, even United States President Donald Trump has appeared resigned to the idea of oil falling even as low as single digits per barrel.

“No one wants oil right now,” Bloomberg summarized while tracking the decline on Monday.

Paradoxically, stock markets continue to gain, despite millions of unemployed workers still appearing and the U.S. and other governments supporting them with helicopter money.

Commentator Holger Zschaepitz noted on Monday that a basket of stocks known as FANGMAN — Facebook, Amazon, Netflix, Alphabet, Microsoft, Apple, Nvidia — traded just 7% below its all-time highs as the week began.

Since its crash in March, Bitcoin has shown a continued correlation with the fortunes of major stock markets.

The increasingly bizarre contrast has formed the topic of intense scrutiny by Bitcoin supporters, however, with Max Keiser arguing that it represents the illicit transfer of wealth away from workers and companies to banks and the state.

Bitcoin’s third seminal block reward halving is now just three weeks away. Set to reduce the amount paid to miners per block to 6.25 BTC, the event will harden Bitcoin as money overnight.

In an interview on Sunday, Saifedean Ammous, author of the popular book “The Bitcoin Standard” made a simple argument for the halving’s positive impact on the Bitcoin price.

Once the flow of new Bitcoins halves, he argued, demand could theoretically also halve and still keep BTC/USD at its current level.

PlanB, the analyst behind the celebrated stock-to-flow price model, meanwhile sticks by its latest forecast — by the end of 2020, Bitcoin should trade at around $30,000.

On Tuesday, Bitcoin’s difficulty adjustment feature means it will become 8.5% more difficult to find new blocks. This is one of the rare larger upticks after difficulty — and interpreted as a bullish sign by some analysts — adjusted downwards following last month’s price crash.

In a reports, difficulty plays a key role in ensuring Bitcoin remains hard money — price fluctuations do not result in coins being mined faster or slower, and the stock-to-flow ratio is thus preserved.

Related Posts

Leave a Reply


Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Kenya introduces $45 million Crypto exchanges tax project
Kenya introduces $45 million Crypto exchanges tax project
January 16, 2021By
Anchorage Obtains Federal License to Operate as Crypto Bank
January 15, 2021By
Bitcoin For Corporations: Microstrategy CEO, Michael Saylor Amongst Others To Host Online Course In February
January 15, 2021By


Video Posts

The Future of Blockchain and Crypto in 2021
January 13, 20210
Importance Of Blockchain and Crypto Education
January 12, 20210

Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin37,160 0.84 % 5.18 % 8.96 %
Ethereum1,185.2 0.84 % 3.72 % 3.15 %
Tether0.9999 0.06 % 0.19 % 0.26 %
Polkadot14.81 1.78 % 3.29 % 59.00 %
XRP0.2828 0.65 % 4.95 % 12.03 %
Cardano0.3090 0.12 % 4.14 % 0.33 %
Litecoin144.33 1.05 % 5.43 % 16.64 %
Bitcoin Cash491.85 0.02 % 5.25 % 12.28 %
Chainlink21.64 0.97 % 20.31 % 41.56 %
Stellar0.2873 1.36 % 5.25 % 5.23 %