Bitcoin market is trying to recover from recent turmoil


Bitcoin Price Massive Move Alert Altcoins Latest Price Updates Crypto Price News TRON coin Analysis

Having survived major drops and surges over the past few days, the bitcoin market is gradually beginning to come to its senses and is trying to gradually restore the lost positions.

After the Fed lowered the rate to zero and pledged to inject $ 0.7 billion into the US economy to soften the impact of the coronavirus, crypto traders first did not know how to react to this news. Therefore, on the night of March 16, the BTC rate jumped from $ 5170 to $ 5950 per hour, and then also quickly returned to the previous level and continued to fall down to $ 4440.

However, once again, the breakout of a strong support level around $ 5,000 became a buy signal that brought Bitcoin out of the price peak. The increase in trade volumes and demand temporarily stabilized the situation, so the market is trying to gradually recover. At the time of publication, the BTC at $ 5414 and over the last day has grown by 8.1%.

Bitcoin market is trying to recover from recent turmoil

For the leading cryptocurrency, the $ 5000 level is important, since its breakthrough brings the price closer to the margin of mining profitability. So far, despite the market turmoil, the mining ecosystem as a whole continues to operate stably and the hash rate dynamics does not indicate a significant decline..

Altcoin market trading has also revived and many coins added 6-11% per day. Ether (ЕТН) during this time grew by 5.95%, XRP – by 5.83%, and bitcoin cash (BCH) rose by 12%.

text: Ivan Malichenko, photo: Shutterstock, charts: Blockchain.com, TradingView

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