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Bitcoin (BTC) has picked up colors in recent days, it even allowed itself an attack of 7,000 USD yesterday, March 20, 2020, before returning to the level of 6,000 USD. The price of Bitcoin is 6,162 USD today, March 21, 2020, at the time of writing. Too early for the 7,000 USD? COVID-19 continues to weigh on the financial markets, creating selling pressure, blowing a Bitcoin that has nevertheless regained colors.
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They worked well, the results are there!
They were the weight influencers who supported the Bitcoin against and against the COVID-19 or against the irony of its main detractors like Peter schiff.
The Binance CEO, Changpeng Zhao, even indirectly guaranteed the dean of cryptos by tweeting on March 17, 2020, that as long as he has only one penny, the value of Bitcoin will never be zero.
Still worried about #btc going to 0?
Whose! So long as I have a penny left, it won’t happen.
– CZ Binance ???????????? (@cz_binance) March 17, 2020
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Should we attribute the ascent of these last days to the sole support of these knights serving in the service of his majesty BTC ? Maybe not but, it must be admitted, the Bitcoin is doing better than the coronavirus pandemic and its impact on the economy is far from behind.
Changpeng Zhao is not alone in his struggle, Tone vays also does its utmost to reassure BTC traders and HODlers, with a reassuring speech.
His tweet of March 13, 2020 also aimed to have a “judo effect” on the fall of the Bitcoin below $ 4,000, trying to turn this threat into a positive sign for the health of the BTC.
It’s hard to say if #Bitcoin bottomed, but the way we bounced off $ 3,850 is very promising. This is how markets bottom but NOTHING about this $ BTC 2yr Bear Market has been standard.
Ex: These capitulations ‘usually’ drive price to NEW lows but we stayed above $ 3,150. pic.twitter.com/zD3FT1reeD– Tone Vays – TheFinancialSummit.com (@ToneVays) March 13, 2020
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A little technicality for a dose of objectivity!
The Bitcoin is still trading below its main moving averages: those of 50, 100 and 200 days.
Its performance over a relatively longer period is better with a Bitcoin currently above its 200-week moving average.
The 1-day and 1-week RSIs (14) indicate a slight upward trend over these periods.
Bitcoin has certainly risen above 6,000 USD, but there is no indication at the moment that the doyenne of cryptos will no longer relapse to levels, which are certainly a buying opportunity but which remain worrying. Will the ongoing containments in the USA have a positive or negative impact on the oldest crypto? answer in a few days
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