Bitcoin Price On $2 Trillion Stimulus Agreement Inches Higher to $6.7K

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March 25, 2020 3:06 pm

Bitcoin Price On $2 Trillion Stimulus Agreement Inches Higher to $6.7K
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On March 25, Bitcoin (BTC) price is raising beside U.S. equities markets, which yesterday marked a memorable 11%+ rise on news of a potential multi-trillion-dollar economic stimulus package.

The strong relief rally was the only largest daily rally since 1933. This rally also explained that investors foresee that the stimulus package will ease to stem bleeding markets and revive confidence to investors.

According to Bloomberg Markets, BTC price is trying to stabilising a greater hold at $6,700 while Dow futures and are up over 114 points. 



Crypto market daily performance. Source: Coin360

First, the price surged to $6,832, nearly exceeding the previous new daily high at $6,905 before paying the residue of the day dealing in the $6,500 to $6,750 range.



BTC USDT 4-hour chart. Source: TradingView

At present, there is support at $6,500, a point aligned with the ascending trendline but if the price drops under the trendline there is support at $6,451 where the 50% Fibonacci retracement level lies.
Here, the 4-hour chart shows the relative strength index (RSI) remains in a bullish territory at 61.



BTC USDT daily chart. Source: TradingView

On the daily chart, the MACD histogram displays rising momentum and the Chaikin Money Flow oscillator (CMF) is also over 0 and rising in tandem with the value.

While Bitcoin price works its way to set a high over $6,905, the 61.8% Fibonacci retracement level ($7,088) is expected to be a challenging resistance level to defeat.

If the price can accelerate higher this level, traders forecast that Bitcoin will proceed with its stair-step pattern at next $7,650. For day traders a breakout over $7,685 is expected to see the price growth to the above Bollinger Band arm by $6,983, or indeed $7,088. In the case of a withdrawal that drives the price under $6,450, there is also powerful support and a large extent VPVR node at $6,200.



Bitcoin daily price chart. Source: Coin360

Altcoins also posted mild profits as the Bitcoin price accelerated higher near $7,000. Litecoin (LTC) grew 3.73%, Ether (ETH) added 3.16% and Monero (XMR) surged 7.72% to $47.02.   

The overall cryptocurrency market cap now reaches $185.9 billion and Bitcoin’s dominance value is 65.6%.

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