- Bitcoin and other altcoins are range-bound with a bullish bias.
- Cryptocurrency enthusiasts believe that infinite QE is a case for BTC.
The cryptocurrency market has demonstrated its volatile nature once again. Bitcoin and all major altcoins experience a sharp rally ahead of the US opening, but the upside momentum started fading away on approach to critical technical levels.
The cryptocurrency market continues to gain ground. While the upside momentum has faded away after a sharp bullish movement on Monday, Bitcoin and all major altcoins stay in a green territory and retain positive bias. The total market capitalization hit $186 billion, while an average daily trading volume on the cryptocurrency market surpassed $160 billion. Bitcoin’s market dominance is registered at 65.7%.
Top-3 coins overview
BTC/USD hit the recent high at $6,861 and retreated to $6,750 by press time. The coin settled above a strong barrier of $6,500 and may retest $7,000 during the nearest sessions. Once it is out of the way, a stronger resistance created by SMA100 weekly at $7,150 will come into focus. BTC/USD has gained over 12% in recent 24 hours, and about 4% since the beginning of the day.
ETH/USD is hovering around $140.00 after a failed attempt to settle above $144.00. The second-largest digital asset is follwing Bitcoin’s lead and may proceed to $150.00 if the market sentiments are improved. In recent 24 hours, ETH has grown bu 12%.
XRP/USD hit the intraday high at $0.1646 and settled at $0.1622 by press time. XRP has gained over 6% since this time on Monday, moving within a short-term bullish trend amid high volatility. The initial support is created by $0.1500.
What’s going on on the market
The recovery on the cryptocurrency market coincided with FED’s announcement of “infinite QE”. The promise to flood the markets with liquidity no matter what calmed down the markets and prompted investors to stop running from risk like from the plague (or, maybe COVID-19 better suits the circumstances). Improved risk sentiments supported the cryptocurrency market and inspired hope for an extended recovery.
Another narrative focuses on inflationary consequences of the announced measures. The cryptocurrency experts argue that Bitcoin was created as a hedge against irresponsible monetary and fiscal policies. As such, the crisis will be beneficial to BTC at the end of the day.
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