The US announcement of the 2 trillion dollar incentive package caused an increase in the price of Bitcoin (BTC). Cryptocurrency markets continue to rise with stock markets, and yesterday, stock markets saw an 11 percent increase after news of the potential economic stimulus package. This has been recorded as the biggest daily increase since 1933.
According to Bloomberg Markets, at the time of writing, the BTC price was trading at $ 6,671. However, Dow futures also showed an increase of more than 114 points. The increase on March 24 showed that investors’ incentive package believes that it will strengthen the markets in bad condition. Crypto Market Daily Performance
Bitcoin recently rose to $ 6,832 and spent the rest of the day between $ 6,500 and $ 6,750. BTC was also very close to $ 6 thousand 905 during the day.
Bitcoin currently has support from $ 6,500, but if the price drops below the trend line, there is $ 6,451 support at the location of the 50 percent Fibonacci retracement level. At the time of writing, the relative strength index (RSI) on the 4-hour chart showed that it remained in the bullish zone with 61 points.
Will Bitcoin Reach $ 7 thousand 88?
In the daily time frame, the rise in the MACD histogram is increasing, and the Chaikin Money Flow Indicator (CMF) is above 0 and rising with the price. While Bitcoin price is trying to rise above $ 6 thousand 905, the 61.8 percent Fibonacci retracement level ($ 7 thousand 88) will be a difficult resistance level to overcome.
If the price could rise above this level, traders estimate that Bitcoin will continue its ladder pattern towards $ 7 thousand 650. For daily investors, a break above $ 7,685 could make the price increase in the upper Bollinger Band arm likely to happen at $ 6,983 and even $ 7,888.
In case the price drops below 6 thousand 450 dollars, there is a strong support at 6 thousand 200 dollars.
On the other hand, altcoins also showed moderate gains with the rise in Bitcoin price. Litecoin (LTC) gained 3.73 percent, Ether (ETH) 3.16 percent and Monero (XMR) gained 7.72 percent. The overall cryptocurrency market cap is currently $ 185.9 billion and the Bitcoin domination rate is 65.6.
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