Bitcoin is still in a green zone since the start of the year, while major banks incur losses. BTC/USD may extend the decline within the current range. Bitcoin turned out to be more profitable than shares of the world’s biggest banks, even despite the sharp collapse of the first cryptocurrency in the middle of March, according to the observations of Ryan Selkis from the cryptocurrency research company Messari. The “Pomp trade” having an epic year. “Long bitcoin, short the bankers” he tweeted recently (@twobitidiot) For the sake of comparison, Bitcoin’s price gained over 36% since the beginning of the year, while the shares of banking giants experienced sharp declines. Thus, the shares of JPMorgan are 37% cheaper than in January, while Wells Fargo lost over 55% of its market value. The selling pressure on the banking sector was caused by the economic consequences of the pandemic. The cryptocurrency experts believe that Bitcoin and gold will benefit from the crisis as they will serve as protective assets and a hedge against inflation. BTC/USD: Technical picture At the time of writing, BTC/USD is changing hands at $9,550, down 2.2% on a day-to-day basis. The first digital asset managed to recover from the intraday low of $9,462 and settle above $9,500, however, the upside momentum seems to be limited. The price needs to regain ground above $9,800 to get a chance for another try at $10,000. On the downside, the critical support area is created by 38.2% Fibo retracement at $9,300. It is followed by a psychological $9,000. Considering the downward-looking RSI on the daily chart, BTC may be vulnerable to further losses within the current range. BTC/USD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Bitcoin Cash Price Analysis: BCH/USD rising triangle pattern spells doom as downside targets $200 FX Street 2 years Bitcoin is still in a green zone since the start of the year, while major banks incur losses. BTC/USD may extend the decline within the current range. Bitcoin turned out to be more profitable than shares of the world’s biggest banks, even despite the sharp collapse of the first cryptocurrency in the middle of March, according to the observations of Ryan Selkis from the cryptocurrency research company Messari. The "Pomp trade" having an epic year. “Long bitcoin, short the bankers” he tweeted recently (@twobitidiot) For the sake of comparison, Bitcoin’s price gained over 36% since the beginning of the year, while… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
