Decisively Bullish’ Bitcoin Breaks Into A New 6-Week High, Rising Above $7,750


In a sudden and strong move today, the world’s leading digital asset surged as high as $7,756 on Bitstamp. Currently, BTC/USD is trading above $7,500, up 2.55% YTD. Following bitcoin, altcoins surge higher as well, with Stellar in the lead with nearly 18% gains. DigiByte (14.60%), Cardano (9.31%), Tezos (8.13%), and Engine Coin (7.11%) also recorded significant gains.

Source: Coin360

Tuesday morning stock markets also extended gains with S&P 500 up 1.34% and Dow rose 1.42% only to pare after a hopeful coronavirus treatment from Gilead (GILD) failed in a trial.

Today, the Labor Department also reported that the number of Americans applying for state unemployment totaled 4.4 million last week, bringing the total tally over the last five weeks at 26.45 million, far exceeding the 22.442 million jobs added to payrolls since November 2009, when the US economy began to add back jobs after the recession.

Gold also went up 1.06% to $1,756.80 per ounce.

Most Buy Liquidated in a Month

Now, today as the price of bitcoin went up to the level just before the March 12 crash, shorts got heavily liquidated. As a matter of fact, BitMEX XBT/USD had the most buy liquidations in a month as the Bitcoin price went through $7,500.

The popular derivatives exchange which lost some of its market share to Binance since Black Thursday also has its Bitcoin balance down nearly 32% since the March top. But now that bitcoin has broken up to a new six-week high ahead of halving, the market is getting excited.

According to trader Josh Rager, “$7373 is still the level to close above on higher time frames to lead to more upside.” Neutral at the moment, Rager said,

“currently stuck under the Point of control (price with highest volume) over the past 6 months. A lower-high would form if Bitcoin doesn't close above the POC at $7177.”

Meanwhile, trader Crypto ISO says,

“BTC reclaiming the 50 MA was a good signal. SPX en route to do the same. 61.8 fib on BTC is the barrier for now. SPX likely tests it and maybe 200 MA. 200 MA's untouched. Equities seem strong. Will be looking for sustained pos funding, green delta, 70.5 fib. 84-8500.”

“Unlimited QE” Everyone

Keeping the price movement aside, there are various reasons to be bullish about the crypto market. With the number of addresses holding Bitcoin for over a year at their all-time high, long-term investors accumulating BTC, and new money flowing in stablecoins, the market is seeing constant growth.

Also, Weiss Cryptocurrency Rating shares its “decisively bullish” long-term outlook because of a favorable risk/reward ratio, the Federal Reserve creating a new surge in demand for crypto assets by printing fiat money at the fastest pace in history and supply shock coming in Bitcoin.

After the US, today, the Bank of Japan also announced “unlimited QE” and doubled its corporate bond purchases while maintaining a negative rate at -0.1%.

While the central banks are printing money to inject liquidity into the market, announce stimulus measures, and bailouts to fight the fallout from the coronavirus pandemic, millions of Americans are still struggling to pay rent and buy groceries but the wealth of billionaires only surged to “new heights.”

A latest report found that American billionaires actually got $280 billion richer since the start of the COVID-19 pandemic while millions are getting out of work.

This disparity amidst the macro backdrop of coronavirus, negative interest rates, money printing, banks using the average American’s stimulus money to pay off debt are all working in favor of the unseizable hard asset Bitcoin.

Bitcoin (BTC) Live Price

1 BTC/USD =$35,732.9658 change ~ -0.83%

Coin Market Cap

$669.62 Billion

24 Hour Volume

$27.37 Billion

24 Hour VWAP

$34.79 K

24 Hour Change

$-295.43

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