Home>Business>Bitcoin & Stocks Rise as US Economy Grinds to a Halt — Furloughs Soar
Business

Bitcoin & Stocks Rise as US Economy Grinds to a Halt — Furloughs Soar


Monday proved to be a surprisingly fruitful day for Bitcoin (BTC) price as the digital asset rallied 12.73% to $6,599 before pulling back to $6,380 a few hours later. 

Despite gloomy news of the U.S. reaching 3,000 deaths from the Coronavirus and major retailers furloughing 500,000 workers, traditional markets also surged on Monday. The S&P 500 rallied 3.35% while the Dow and Nasdaq gained 3.19% and 3.62% respectively. 

 

Crypto market daily price chart. Source: Coin360

As discussed in a recent analysis, the price of Bitcoin needed to reclaim the $6,200 level to avoid a revisit to $5,870. Retaking $6,200 placed the price above the descending trendline and the 23.6% Fibonacci retracement level. 

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Source: TradingView

Earlier in the day Cointelegraph contributor Michaël van de Poppe suggested that once above $6,200 the price could quickly rise to $6,600 and traders will note that today the price sliced through the volume gap from $6,250-$6,590 on the VPVR indicator. 

Despite today’s impressive gain, van de Poppe believes that while below $6,900 Bitcoin price remains bearish and he expects the price to encounter stiff resistance once $6,600 is reached.

According to van de Poppe, both “bull/bear scenarios pivot around the $6,600 area” and he further explained that: 

”The moment that the $6,600 area is rejected and the CME gap is closed, further downward pressure is expected to occur.”

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

A push above $6,900 wouldn’t necessarily be the cure-all for Bitcoin’s bearish slant as there is a large high volume VPVR node at $7,200 and this level is expected to function as a strong resistance. Once above $7,200 traders will set their targets on the $8,000 where the 50 and 200-day moving averages are currently situated. 

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

The majority of the top-10 altcoins also posted moderate gains as Bitcoin price surged toward $6,600. Ether (ETH) notched a 3.57% gain while Bitcoin SV (BSV) and Binance Coin (BNB) added 9.66% and 5.50% respectively. 

The overall cryptocurrency market cap now stands at $180.7 billion and Bitcoin’s dominance rate is 65.2%.

Keep track of top crypto markets in real time here





  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary