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Bitcoin kisses $9,500 as financial markets shine; what’s next for BTCUSD?

,   and  Sabyasaachi Karmakar
BTCUSD reached the auspicious mark of $9,300. With the lockdown restrictions set to be lifted today, some analysts claim that
BTCUSD reached the auspicious mark of $9,300. With the lockdown restrictions set to be lifted today, some analysts claim that a higher move for Bitcoin can be expected.

The Dow Jones Industrial Average Index (DJI) closed 532.31 points higher yesterday. It is one of the highest single-day gains clocked by the index. It is not only the stock market that went up. The cryptos such as Bitcoin (BTCUSD), Ethereum (ETHUSD), Ripple (XRPUSD), Litecoin (LTCUSD), Bitcoin Cash (BCH), Bitcoin SV (BSV), Binance Coin (BNB) all broke past their quarterly best records.

Factors that led to the rise of the BTCUSD

  • Several states of the US will be lifting the lockdown restrictions later today. It will allow people to get back to work. Manufacturing plants and factories will start operating. And the economy will begin to revive. Once the economy gets back on the tracks, financial markets will gain back investor confidence. People will start investing in stocks, Bitcoin, and other similar assets.
  • Gilead Pharmaceuticals announced yesterday that initial trials revealed that their drug is working on patients of COVID-19. However, further examinations and tests are to be conducted on a global scale. Stock markets shot up immediately at open, and the BTCUSD went up with it.
  • The US Federal Reserve left the lending rates unchanged at 0.25%. It also announced that more fiscal stimulus would be provided if necessary. BTCUSD immediately jumped along with the stock markets following the announcement.

BTCUSD technical analysis and price prediction

My previous analysis of Bitcoin stated that BTCUSD would cross the $9k mark before May. Here is that article.

bitcoin btcusd

Now let us look at BTCUSD technical charts. Here is the BTCUSD daily timeframe. Source: TradingView.com

Bitcoin’s rise has been spectacular lately. The fact that there are exactly twelve days to the BTC halving cannot be ignored. The demand for BTCUSD has undoubtedly increased in anticipation of the further rise of the crypto post the halving.

The traded volumes are decent. RSI is at overbought territory. However, prices have not yet come down.

BTC will likely face stiff resistance just below the $9,500 mark. However, there are strong supports at the $8,979 and $8,014 mark.

The Moving Average indicators point to a ‘strong buy‘ signal for the BTCUSD.

What’s next for BTC?

Bitcoin is a very volatile cryptocurrency. The way BTC behaves at times can be totally unpredictable. Bitcoin whales act as market manipulators.

On top of the presence of market manipulators, the following macroeconomic factors also play a significant role in the BTCUSD movement:

  1. The flattening of the Coronavirus curve is a bit unclear at the moment. Nobody knows what will happen once lockdown is lifted, and people come close to one another.
  2. A near-term economic recession is imminent.

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