Bitcoin continued to strengthen over the past few hours and rose to $ 6,850 on Tuesday morning and is currently $ 6,790 at the time of writing this article. Traded from. According to TradingView data, since the trading session started, the cryptocurrency has increased by 4%, and yet another day of earning.
Although BTC remains below the highest level of $ 7,000 a year, it seems ready to retreat to this key level in the next few days as the uptrend begins to form; Indeed, since the $ 3,800 bottomline, Bitcoin has earned more than 75% and earned more than 20% in the last 75 days alone.
The rally of the crypto market is seeing star gains according to any standard of the stock market. With the S&P 500 index gaining 10% value, Dow Jones sees a rally that hasn't been seen literally for decades and has gathered more than 11% in a move that left a lot of surprise in the trading session.
This rally apparently comes as a result of two news events:
- The coronavirus incentive bill to assist businesses and Americans is close to acceptance by Congress. There were some uncertainties about the bill before (including a word about a "digital dollar" that could help Bitcoin), but this is being resolved.
- On Monday, the U.S. Federal Reserve announced that corporate debt, Treasury and mortgage-backed securities will be purchased until the economy is back to normal. Although the word "infinite" is not mentioned in the press package of the Federal Reserve, many economists and analysts in the field of Bitcoin named these measures as "QE Infinity" because the central bank seems to have not set a limit on how many assets you can buy in the foreseeable future.
DOW + 11% Wild. How many times will we see this again in our lives.
– Adam Singer (@AdamSinger) March 24, 2020
Reading Bitcoin Over Rally
Many think BTC is ready for a higher rally.
In an interview published on Saturday, Raoul Pal, former president of Goldman Sachs' stock derivatives business and currently CEO of Goldman Sachs, will increase the price of Bitcoin to an all-time high in the next 12 to 18 months despite the current collision. He said he was thinking. seen in global markets.
This interview was released shortly after indicating that there are more bulls in Bitcoin than ever and that "all trust" to the "whole system" may have been lost.
Moreover, Rekt Capital recently stated that the BTC “Fear and Greed Index” reached 10, which is “excessive fear” – among volume, social media volume, among other weighted factors.
– Rekt Capital @rektcapital Instagram photos and videos • Imgwonders March 24, 2020
Featured Image from Shutterstock