Trend: Bitcoin continues to trade within the range of a big doji candle created March 20, signaling indecision in the market place.
The global stock markets are again flashing red as fears of a coronavirus-led global recession have been fed by the US Senate's failure to push forward a massive rescue package.
With equities under pressure, bitcoin could end the period of indecision with a move below $5,000. However, key metrics like the Puell Multiple and MVTV Z-score signal the cryptocurrency is undervalued. Additionally, demand from long-term investors is likely to be strong under $5,000, according to Mike Alfred, CEO of Digital Assets Data.
As a result, dips below $5,000, if any, could be short-lived. On the higher side, the March 20 high of $7,139 is the level to beat for the bulls.
Here’s How To Predict Major Moves In The Price Of Bitcoin (Forbes) Bitcoin and cryptocurrency investors are keenly watching for any signs of further volatility with one analyst pointing to "large increases in exchange inflows" as heralding extreme bitcoin price moves.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.