Overview of the crypto market on Wednesday:
The bulls on the crypto market have been working overtime to correct after the downside movement on Monday. Bitcoin and all other significant Altcoins made rally yesterday, enjoying big profits. The total capitalization of the crypto market has earned $ 5 billion over the past 24 hours.
BTC/USD recovered from its last bottom at $ 4,964 to trade around $ 5,195 at the time of my writing. BTC/USD rose 2.37% on a daily basis and this morning continues to move within the current upside price channel. Bitcoin SV, on the other hand, remains the most losing coin, going down by 8% after delistings from Binance, Shapeshift, Kraken, and Blockchain.com.
The crypto market slowly regains some of its previous vitality
On the fundamental front, we also have quite positive news that can only support the bulls of the crypto market. The eToro giant has launched its newest crypto exchange eToroX, which will be regulated in Gibraltar. eToroX will give users access to eight stablecoins (including Swiss francs and US dollar) which have all been created by eToro. Users will be able to buy Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), XRP, Litecoin (LTC) and Dash. There are also 37 pairs of crypto coins-to-fiat currencies available.
OKEx has announced it will expand to European traders by offering 3 new fiat-to-crypto pairs. The Malta-based crypto exchange, which has an international presence, will offer pairs of crypto with the Euro, the Russian ruble and the Turkish lira.
On the other hand, Forbes released a list of “Blockchain’s Billion Dollar Babies”, which means companies implementing blockchain technology and who have a minimum income or valuations of $ 1 billion.
The list includes companies in the spaces of cryptocurrency and blockchain development, in addition to traditional financial companies such as banks and clearing houses, food companies, supply chain management firms and others. Most of the listed companies are local names like Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle.
In addition, one of the largest travel companies in the world has also made a major step in the world of cryptocurrencies. Corporate Traveler, a subsidiary of Flight Center Travel Group, based in Australia, has already begun accepting crypto payments. BitPay will facilitate payment processing by entering into a strategic partnership with the travel company.
Bitcoin’s technical picture
Bitcoin bulls managed to break the $ 5,200 level after the price dropped to $ 5,014 on Tuesday. BTC/USD managed to reach a high at $ 5,230 this morning. And the price action is currently moving within the formation of bullish pennant pattern, with subject to a breakout higher. On the upside, we have resistance at $ 5,278 (high of April 4), $ 5,300/8 (50% Fibo correction level on the decline from 7,358 to 3,177 on weekly chart) and the psychological $ 5,400 level.
However, it seems that the bears are fighting hard and managed to lower the price to $ 5,189 earlier today. Yesterday, BTC/USD broke and now is moving above the SMA50 on the 4-hour chart, which is currently localized at $ 5,108. A clear breakout under it may resume sales for testing the strong psychological support of $ 5,000. Next supports are as follow: $ 4,825 (38.2% Fibo level of the above-mentioned drop) and $ 4,977 (SMA 100 on 4-hour chart).
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.