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Bitcoin remains steady until oil and stocks collapse

The fall in oil prices is now affecting the stock market, which makes crypto investors worried about the future of Bitcoin price. The cryptocurrency market is now in a lull after the retreat from last week’s highs. Most cryptocurrencies barely manage to stay in green territory, especially the first three: Bitcoin, Ethereum and Ripple.

Total market capitalization dropped to $ 198 billion. The decline clearly shows that sales pressure has been significant for the last 48 hours, especially for Bitcoin. The main digital coin fell from the high $ 7,300 to the bottom at $ 6,767. Total trading volume also dropped from $ 186 billion to $ 114 billion (reported in the last 24 hours).

 

BTC/USD stays stable at $ 6,900 when oil and stocks collapse

The US oil market has suffered the biggest blow in its history after prices falling to negative territory on Monday. The downturn also had an effect on the stock market. And this is a situation that is worrying for Bitcoin and other crypto enthusiasts because of the recently found correlation between the price of BTC and stocks movements. Yet, amidst the chaos in traditional markets, the price of Bitcoin has remained relatively stable.

As for the technical picture, a positive development is the pattern of higher lows and the increasing volume of purchases of the 4-hour chart. If Bitcoin manages to stay above the $ 6,900 level, then the price may go above the average line of Bollinger Bands near $ 7,000. However, a clear breakthrough and a daily close above $ 7,300 (April 18 peak) will be needed, so the bulls can clear the way to the $ 8,000 price level.

If the $ 6,900 level fails to affirm as support, then Bitcoin bears can take control of the price. A clear break below the bottom of this morning at $ 6,826.2 will bring BTC to retest at $ 6,767.

 

Tezos runs crypto recovery, but for how long?

Any discussion of the current price action of the cryptocurrency market should also include some references for Chainlink (LINK) and Tezos (XTZ) presentation.

Both coins have had some of the most volatile and massive flows in the last twelve months. After the Black Thursday collapse on March 12, Chainlink jumped 156% and Tezos made a recovery of 152%. In the last 24 hours, Tezos has also managed to grow the most among the top 15 cryptocurrencies.

 

The question now is, will XTZ be able to lead the other Altcoins upside?

On the 4-hour chart, XTZ/USD has been moving in the upside price channel since March 13. It seems that the $ 2.00 psychological level is proving to be a tough nut for the bears and the price has risen again. The 55-day SMA is also located in that area, where Tezos found support in the latest downturn.

Looking at the technical indicators, the RSI went back above the midline 50 with bullish momentum. But at the moment, the upside channel with an upper border at $ 2,532 and a bottom line localized at $ 1,991 is the key. A clear break in either direction can give us clues about the future price action of the pair. Falling below the channel could take the bears to test $ 1,834 (low of April 16). On the other hand, a break above the upper limit can push the bulls towards the important resistance of $ 3.

 

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.

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Tezos becomes one of the best performing Altcoins for 2020

CME’s Bitcoin Futures increasing volume suggests BTC/USD rally resume

Bitcoin managed to return above $ 8,000 for short on Tuesday after a dramatic drop to its 2-month low on Monday. Core cryptocurrencies have declined mainly along with global equities following rising fears of the Coronavirus and a collapse in oil prices. Now it looks like the digital currency is trying to rebound.

This morning, the panic caused by the virus began to decline and most financial assets, including Bitcoin, began a modest recovery. The positive trend is expected to continue with the hope of new fiscal stimulus from US authorities. And the news for them should definitely improve investor sentiment.

Most analysts and enthusiasts expect Bitcoin to rise in such an environment. But I think that the downside pressure will continue till Bitcoin stays below 23.6% Fibo at $ 8,200.

 

Tuesday was another mixed day for the other top 10 cryptocurrencies

Tezos led the way on Tuesday, earning 2.15%. Binance Coin (+1.38%), Bitcoin Cash ABC (+0.28%), EOS (+0.29%), Ripple’s XRP (+1.16%) and TRX (+0.49%) also found support.

Bitcoin SV (-0.36%), Cardano’s ADA (-0.07%), Ethereum (1.11%), Litecoin (-0.69%), Monero’s XMR (-2.02%) and Stellar’s Lumen (-0.27%) joined to Bitcoin in the red territory.

Since the beginning of the week, the total market capitalization of cryptocurrencies has slid from the high $ 233.12 billion on Monday to $ 219.19 billion. At the time of writing, the total market capitalization is $ 224.69 billion.

Bitcoin dominance has returned to 64% after falling to levels below 63.2% last week. And trading volumes amounted to $ 137.16 billion in the last 24 hours.

 

Tezos developers are creating a prize pool to fight the new virus

Tezos developer, Johan Tanzer, has set a prize pool worth $ 1,000. For those who contribute to digital resources in a popular medical research project, [email protected] The project focuses on protein folding structures. These findings will help fight a new Coronavirus (COVID-19) and other serious illnesses such as cancer, Ebola, Zika, Alzheimer’s, and more. The project is managed by the Pande Lab. Which is a part of Stanford University, and the Stanford University Medical Center.

 

Tezos becomes the best performing altcoin for 2020

Tezos (XTZ), now the 10th largest digital asset with a current market capitalization of $ 1.81 billion. XTZ has become one of the top-performing assets in the top 20 coins since the beginning of the year. At the time of writing, XTZ/USD is trading around $ 2.56. It is chart looks much better than most of the other major coins.

In the last 2 days, on a daily timeframe, the price of Tezos cannot break the 50% Fibonacci retracement of the last drop at $ 2.79. The $ 2.50 area (23.6% Fibo) below seems to be a good support in the longer-term. If the price stays above it and breaks above the 50% Fibo levels, XTZ could potentially test the $ 3.00 psychological level.

On the downside, we also have a support trend line at 2.34, which should keep the price above if there is a deeper correction.

 

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.

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