Bitcoin (BTC) delivered few surprises on April 1 as steadier trading conditions prevailed for a third day and volume remained low. Today Bitcoin Price at $6,600.
Cryptocurrency market daily overview. Source: Coin360
BTC price shoots to plug futures gap – Today Bitcoin Price at $6,600
Data from Coin360 and Fintech Zoom Markets painted a decidedly lackluster April Fool’s Day 2020 for Bitcoin, which since March 30 had traded in a narrower corridor between $6,100 and $6,600.
Compared with volatility earlier March, conditions were a relief for traders, while compared with the same time last year, the overall picture remained less enthusiastic.
As Fintech Zoom reported at the time, April 1, 2019, sparked a three-month bull run for BTC/USD, during which the pair topped out at $13,800.
After falling by 70% to hit lows of $3,700 on March 12 this year, markets then recovered to hit $7,000 before circling press-time levels of $6,250.
Now, analysts were still risk-averse, despite the encouraging signs which pointed to a long-term recovery continuing.
Fintech Zoom Markets analyst Michaël van de Poppe noted that once again, Bitcoin had closed a “gap” in CME Group’s futures which had opened up over the weekend.
“…Rejection at the previous support at $6,600 and we’re moving slightly down. Still mainly range-bound, hence the low volume levels on the markets. Still remaining bearish sub $6,900,” he told followers in a fresh Twitter update on Tuesday.
“Long term (next 4-6 years) extremely bullish on $BTC.”
Glassnode: crash produced “shift in sentiment”
Previously, a formerly bearish Tone Vays had changed his mind about the state of the market. Bitcoin returning below $3,700 was now unlikely, he said, considering that level as the new bottom.
According to monitoring resource Glassnode, meanwhile, “a range” of metrics flipped positive after the crash.
“In the weeks after $BTC’s price drop, most have bounced out of or sit in zones that have historically signaled bottoms and good entry points.”
- Challenging Times Ahead for Boeing Stock; 5-Star Analyst Slashes price Target(Opens in a new browser tab)
- Alleged Architects of $700M BitClub Ponzi Request Jail Launch Over Coronavirus Danger(Opens in a new browser tab)
- Bitcoin Price Jump as Coronavirus Curve Begins to Flatten(Opens in a new browser tab)
- Airdrops News(Opens in a new browser tab)
- Stock Market: U.S. Stocks Turn Higher(Opens in a new browser tab)
- Bitcoin, Ethereum Futures Volumes Decline Together with Lowering Volatility(Opens in a new browser tab)
- Stock Market Today March 30, 2020(Opens in a new browser tab)
- Bitcoin Price Prediction April: Three Key Causes Why BTC May Plunge Beneath $5,000(Opens in a new browser tab)
- Here’s how much bitcoin beat the Dow and S&P 500 in the first quarter(Opens in a new browser tab)
- Polychain, Bain Capital Be part of $3M Sequence A Spherical for Indian Change CoinDCX
- Mortgage Calculator 1