- Bitcoin amasses traction and breaks over several hurdles on the upside
- The price of Bitcoin (BTC) is up by 15 percent on the day
- Bitcoin faces hurdle at $6,400 but it might start another fresh rally soon
Bitcoin News Today – Bitcoin (BTC) and the majority of coins in the market seem to be back in the green, with Bitcoin now trading well over the $6k level. Since yesterday, the price of the digital currency has been surging higher, with growth rate exploding so fast that the price of the digital currency has gone vertical. Bitcoin (BTC) just hit the $6,375 mark a few minutes ago.
The price of Bitcoin (BTC) surged by 15 percent on the day, outperforming the American stock market indices of the Dow Jones and the S&P 500, which have recorded only slight gains of about 1 to 2 percent on the day.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Faces a New Hurdle after Surging 15 Percent on the Day
While Bitcoin (BTC) is currently in a bullish state, the digital currency is facing a stiff hurdle on the upside. BTC is yet to make it over the $6,410 mark, which is a key level. According to smack – a digital currency trader – there is a confluence of hurdles at that level: the bottom of the 2019 retracement on BitMEX, the top of the 4-hour and 6-hour Ichimoku Cloud, and the middle band of the volume profile. This means that level is one of the most vital price points of Bitcoin.
— Smack (@SmackTrades) March 19, 2020
If Bitcoin (BTC) breaks over this level, it may confirm that there are more upside movements in store for the digital currency market. However, Bitcoin being rejected close to the $6,400 may be a sign of more downtrends.
Bitcoin’s Price Action Is Bullish
The trend of the digital currency is getting bullish. Galaxy – a crypto analyst – said that a trend indicator that nailed the $6,400 bottom in December last year, and then called a retracement when Bitcoin was trading close to the $10k region, just printed a buy signal for the first time this year. This means that a heavy reversal is upfront.
There is also a wide range of reasons to be bullish on the digital currency. The CEO of Bitwise Asset Management – Hunter Horsley – shared some of the fundamental reasons to be bullish on the coin. He said that 72 percent of Coinbase users are buying Bitcoin, according to data from the company. Bitcoin has started leaving the traditional markets, proving to be a safe haven in this current crisis. The reduction of BTC mining rewards is 50 days away. Central banks have printed trillions of dollars to boost the economy, paving the way for inflation that may benefit digital currencies. Lastly, he said that billions of dollars may return “when levered longs return.”