Leading analysts demonstrate that the fate of Bitcoin will depend on how the fate will perform during the ongoing global economic crisis, but interconnected metrics are a major resistance to the biggest cryptocurrency price.
Bitcoin (BTC) On The Verge Of Failure
Many are wondering what the impact of the historic 2-trillion-dollar incentive package that US President Trump has approved to alleviate the devastation of the COVID-19 outbreak on financial markets.
Experienced analyst Peter Brandt believes this is an excellent opportunity for the development of the leading cryptocurrency. Brandt said that if BTC could not emerge as a safe harbor presence and rally during the ongoing economic turmoil, he would be in “BIG trouble”.
For BTC, this is the perfect storm.
If Bitcoin cannot rally on this, then crypto is in BIG trouble.
– Peter Brandt (@PeterLBrandt) March 27, 2020
While many prominent analysts claim that the probability of Bitcoin exceeding $ 10,000 is 72%, the general conditions in the market reveal that such an upward move will not be easy.
3.2 Million Addresses Receiving Bitcoin (BTC) at $ 6,750
Based on the Global Money In / Out model, there are 3.2 million addresses that receive 2 million BTC at an average price of $ 6,750. This hodl group can be considered a relatively strong resistance zone in an uptrend situation.
However, the most important supply barrier in front of Bitcoin is between $ 7,600 and $ 9,700, where about 6 million addresses have roughly 4 million BTC.
While the fate of Bitcoin remained uncertain, there was a possibility that the demand could disappear. The Futures Volume model shows a significant drop in daily trading volume on the best crypto derivative platforms. Jesus Rodriguez of IntoTheBlock CTO explained his views on the situation as follows:
Although the price of Bitcoin did not move much over the past week, the Futures Volume for Bitcoin is currently at the lowest level of 7 days with $ 653 million. This figure represents a 90 percent drop compared to March 12, when its daily volume reached $ 6.39 billion.
Bitcoin (BTC) May Benefit from FED Currency
A similar forecast can be seen in the number of open interests representing the total amount of open investor positions. Indeed, open contracts continued to drop from $ 1.76 billion to $ 149 million yesterday at the end of February. According to Rodriguez, this shows a 85 percent drop and a lowest score compared to last month.
Despite the significant decline in the trading activity experienced by Bitcoin, according to Bitcoin guru Davinci Jeremie, the amount of incoming financial and monetary incentives will definitely have an impact on the crypto market.
The analyst announced that market manufacturers will further increase the price of Bitcoin, as the market functions as a discount mechanism. Davinci thinks that Bitcoin will be bought at high prices with the money distributed by the Federal Reserve.
In the coming days, the leader will tell if the cryptocurrency will first trade above $ 7,000 or below $ 6,000.
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