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The resurrection of Bitcoin (BTC): well, it may be a bit of an exaggeration but, anyway, good news for the dean of cryptos who is regaining color by re-crossing the $ 7,000 mark. Daily gain is close to 4%. I do not know about you but, the mountain which illustrates a meteoric rise of Bitcoin is always more pleasant to see, than the cliff illustrating the vertiginous fall of the dean of cryptos.
The price of Bitcoin is 7,096 USD today, April 12, 2020, at the time of writing: impossible to say for the moment on a possible successful consolidation in a few hours, Bitcoin could even surprise by attacking $ 7,400 – it’s Easter, we can afford to be optimistic, right?
Bear season
The rise of Bitcoin started today, April 12, 2020, around noon. A very steep slope: the bulls have not finished their race at the moment.
Although the 1 hour RSI (14) indicates a Bitcoin in oversold, the RSI (14) over 5 hours and over 1 day are always neutral: the BTC So there’s still room for improvement, from a purely technical point of view.
How to explain this rise? Bitcoin has he finally started the long-awaited rally? As usual, the answers will probably come in the next 24 hours, after a cold analysis of the data – a good reason to read the articles of Tea Grandstand Corner besides.
Should we expect a rally? Not for Ross Ulbricht who shared his analyzes from the bottom of his cell. The founder of Silk Road estimates that the bear season will end in June 2020.
Using the theory of Elliot waves, Ulbricht estimate that Bitcoin might even descend to the level of 1,200 USD – bleak prospect, I grant you.
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The only remedy for such a fall: a BTC which would go above 14,000 USD – its highest in 2019, thus forcing Ulbricht to review its modeling.
Black Thursday, it’s over!
CoinMetrics posted a tweet today, where the supporting graph highlights a hashrate of Bitcoin who found his forks before Black thursday – which is not yet the case for the price of BTC.
#Bitcoin miners have shrugged off the second largest difficulty drop in its 11 year history, with hash rate comfortably returning to the range it has spent most of 2020 in and difficulty bouncing back 6% pic.twitter.com/2fRf3Tj9tA
– CoinMetrics.io (@coinmetrics) April 12, 2020
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The miners have therefore gained enough momentum to mitigate the losses of this famous Black Thursday.
Happy to see Bitcoin above $ 7,000? Savor this moment, it may (probably?) Not last. BTC mining is doing better – good news for the security of its blockchain – its price must now run to catch up.
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Litecoin, welcome in the Silver Age
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