The recent data from the US Labour department is extremely shocking and saddening. 4.4 million people in the US filed the unemployment report in the week that ended on April 18. It takes the total unemployment in the US alone to over 26 million. Now, to put this into perspective, imagine the total number of jobs created in the last eleven years. And now picture this- the total number of jobs lost in the previous few weeks has surpassed the total number of jobs created over the previous eleven years.
Financial markets around the world are distraught. Investors gear up for the horrific earnings report of companies that are coming up. Even a tiny bit of good news is bringing considerable joy in the stock markets. And this is reflected across Wall Street. The cryptocurrency markets are copying the sentiments of the equity markets.
BTCUSD shoots past $7,700, volumes spike
Here’s a look at the BTCUSD hourly chart.
- The short term technical analysis of Bitcoin reveals it has turned Bullish in the short term. The day’s range so far is $7,033.93 — $7,777.76. And by the looks of it, BTC might rise even further.
- The Relative Strength Index shows Bitcoin entering the overbought territory. The prices have continued increasing. This shows investors are. keen to catch the uptrend.
- The volumes have shot up more than they have been in the past several trading sessions. People are strongly bullish on Bitcoin as of now.
- The upward crossover of the MACD is yet another strong bullish indicator.
Ethereum ETH, Ripple XRP, Litecoin LTC, and the other major cryptocurrencies will most probably follow Bitcoin’s epic rise. For now, the increase in the equity markets is a great sign. It restores investor confidence in the financial markets.