Bitcoin (BTC) and the entire cryptocurrency market started to recover and moving higher after an increased optimism related to the stimulus packages that the United States and other countries announced in recent days. This comes after several weeks in which the crypto market operated negatively due to the expansion of the Coronavirus.
Bitcoin Starts Recovering
The most popular cryptocurrency continues to move higher as countries are planning to release a new stimulus package and help their economies after the expansion of the Coronavirus. The outbreak that started in China is now spreading all over the world and massively hitting countries such as Italy or Spain.
In the last 24 hours, Bitcoin was able to move from $5,800 to over $6,500, showing that it has the necessary strength to keep moving forward. Investors remain optimistic about the future of this virtual currency.
According to Tuur Demeester, a recognized investor and analyst in the cryptocurrency market, if Bitcoin stays above the $6,300 level, it may be possible for the entire crypto market to move forward. Despite that, Demeester showed that the technical chart of Bitcoin remains somehow “messy.”
On the matter, Demeester commented:
“Bitcoin back in the box, imo we’re still in the re-accumulation phase. Looks messy technically, but the rebound is encouraging so far. $6,300 could be key resistance level before bull market can resume.”
Bitcoin back in the box, imo we're still in the re-accumulation phase. Looks messy technically, but the rebound is encouraging so far. $6,300 could be key resistance level before bull market can resume. pic.twitter.com/NnO9ALySxm
— Tuur Demeester (@TuurDemeester) March 24, 2020
One of the things that should influence Bitcoin’s price is related to emerging markets and currencies falling against the USD. If that continues and these currencies continue falling, it may be possible for Bitcoin to attract a larger number of investors and users.
Satoshi Nakamoto created Bitcoin during the financial crisis of 2008 and the entire crypto community thought it could be possible for it to attract individuals that wanted to be protected against devaluations in the FX market as well.
At the time of writing, Bitcoin is now being traded close to $6,550 according to CoinMarketCap. Meanwhile, it also has a market capitalization of $120 billion. Other virtual currencies are also registering gains. For example, Ethereum (ETH) grew by 8.79%, XRP moved 4.62% higher and Litecoin is almost 6% up in the last 24 hours. The main question remains whether the current recovery will last long or just a few days until everything calms down.
