Bitcoin and crypto market witnesses a small bounce as long with the stock markets traders begin to form bullish sentiments around price.
Despite the bearish fear and sell-off due to Coronavirus, the stock markets also witnessed a historic rise yesterday, with the SPX index rising by 6.24%. However, many investors suspect a dead-cat bounce as the state of the economy is far from recovered at the moment.
The price of Bitcoin [BTC] at 4: 30 hours UTC on 27th March, 2020 is $6,800. If the correlation with stock markets, hold true, gains in Bitcoin might continue as well.
Moreover, the percentage dominance rise in Bitcoin [BTC] gets rejected at the 200-Day Moving Average at 68%. The leading gainers of the crypto yesterday include, XRP, Binance [BNB] Coin, Stellar [XLM] and Monero.
Moreover, the Bitcoin crypto markets is also witnessing a revival of liquidity in the markets. It dropped tremendously at the time of the panic sell-off on 13th March, 2020. Prominent crypto-trader, XC, tweeted,
Liquidity slowly entering back into the market. Was around 20mil to move the market 10% at lows, now its more then doubled at around 55. $
BTC looks like it could go up, down or sideways. Alts look like they could go down, down or down.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com