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Big jump for Bitcoin: BTC up 5%
Big jump for Bitcoin: BTC up 5%
Trading

Big jump for Bitcoin: BTC up 5%

By Federico Izzi - 2 Apr 2020

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Today’s rises in the crypto market see Bitcoin jump in these early hours with a +5% on a daily basis. Bitcoin, together with Bitcoin Cash (BCH), which rises with the same intensity, is among the best of the top 20. 

BCH 20200402

Scrolling through the list of the most capitalized, the first red sign is that of IOTA (IOTA), which today falls 2%. Among the best of the day is Digitex Futures (DGTX), 95th position, with a jump of 25%.

Besides IOTA, there are also Maker (MKR) and Waves (WAVES) who, after yesterday’s rises, are suffering from profit-taking. Maker drops 2%, while Waves is just below par with -0.4%. These are the deepest declines, those of Maker and IOTA, which are not particularly heavy.

coin360 20200402
Source: COIN360.com

Volumes are back on the rise. After the uncertainty of the last few days today, volumes are once again over 100 billion dollars, up from yesterday, a positive sign that accompanies today’s rises, with a decided prevalence of purchases and a possibility of a return of confidence on the part of operators.

After the lows reached in mid-March with declines involving all assets, Bitcoin returns to indicate a strong correlation with gold. Both of them are showing strong increases. 

Despite a technical configuration decidedly different from that of early March, which for 4 months had seen specular upward movements for gold and Bitcoin, followed by a decorrelation with what happened during the disaster in mid-March, both movements return to show some correlation from the lows in mid-March. 

From the lows of March 15th-16th, gold gains about 2.5%. Bitcoin is doing much better, close to a 30% recovery, although Bitcoin has suffered a deeper hit than gold. This signal could bring back a healthy correlation, a sign of a return of confidence in digital gold

The market cap, with today’s jump, returns just under 190 billion dollars and tries to regain the threshold of 200 billion, abandoned during the fall of mid-March and which, with these rises, has failed to reconquer in recent days during the rebound that has characterized the last two weeks. 

Bitcoin continues to maintain its market share above 65%, while the market share of Ethereum has remained unchanged since yesterday at 8.2%, as well as that of Ripple at 4.2%.

On a daily basis, Ethereum gains 3.5%, Ripple 2.5%.

BTC 20200402
Bitcoin chart by Tradingview

Bitcoin (BTC) price jump

With the jump that continues even in these last few hours, the probability of being back in the new weekly cycle is growing. The lows reached during the weekend are to be taken into account as a support from which a rise will now necessarily have to follow in order to continue to give a bullish approach from a weekly perspective. 

To continue the bullish trend on a weekly basis, it is necessary for BTC to break the $6,800 area as soon as possible. Otherwise, the indications would give signs of a prevalence of weakness.

ETH 20200402
Ethereum chart by Tradingview

Ethereum (ETH)

Despite falling behind in terms of the intensity of the rise, Ethereum seems to have entered the new 1-2 week cycle. For Ethereum, left behind during the rebound, it is necessary to regain the 140-145 dollars as soon as possible. Ethereum is today below this threshold which already proved to be a good resistance in the pullback last week.

Ethereum needs to avoid returning with quotations under 125-120 dollars, where the possibility increases of a return of downward speculation under 100 dollars, revised for a few hours with the sinking between March 13th and 16th, an area of double minimum from where the current recovery of prices is still valid.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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