HomeTradingBitcoin: the price reaches 7,750 dollars

Bitcoin: the price reaches 7,750 dollars

Bitcoin’s price is back at $7,750 today.

The week is drawing to a close again with a strong bullish signal. If this is the case for the weekend as well, the sixth positive upward week would be confirmed. This has not happened since May of last year. The record of the 7 consecutive upward weeks continues to be the one recorded between September and October 2017. 

It’s a positive sign that opens the doors to Bitcoin’s third halving: the block number 630,000 is getting closer and closer. The halving will take place between May 11 and 12. 

The bullish indications arrived in the second part of yesterday with a rise that continues to affect today’s performance, which sees few negative signs among the first 100.

coin360 20200424
Source: COIN360.com

What gives some hope is that for most of the main altcoins have already totally exceeded the highs abandoned in mid-March, while Bitcoin and Ethereum are very close to total recovery. 

Stellar continues to make itself noticed in these hours, giving signs of a further stretch and rising by 5%. Stellar (XLM) is among the best performers of the week with a gain of over 25%. 

XLM 20200424

Stellar, a project that takes its cue from Ripple, unlike XRP third in the standings, recovers the levels of late February with the leaps of the last few hours. Stellar is performing very well while Ripple, despite the recovery of the last hours of 19 cents, unlike the rest of the industry, cannot rise above the highs of early April due to its weakness.

On a monthly basis, Ripple has experienced a respectable rise, +20%, but it is not among the best performances of the month of April, hence it’s a bit on hold despite the recovery from the lows of March, which appears to be a recovery a bit slowed down compared to the other major altcoins. 

In addition to Stellar, the ones that have been getting noticed in the last few hours are the so-called alternative blockchains, in particular Tezos (XTZ). It is nothing new, Tezos had already made itself known in recent weeks and even more so during periods not particularly favourable to the sector. Tezos now ranks among the best with over 13%. Same increase for another alternative blockchain, Cardano (ADA) that with an increase of 13% conquers the 13th position overtaking Monero (XMR), which however does not disappoint, rising by 7%.

The strong leap of Cardano, added to that of the last two days, sees Cardano, as well as Tezos, achieve increases close to 25% on a weekly basis.

The best of the day is Digibyte (DGB) which rises by 30%, Aave (LAND) and Matic Network (MATIC) score a +15%. 

Yesterday’s rise represents a positive signal accompanied by excellent purchasing volumes and that in the last 24 hours have recorded more than 120 billion dollars traded. It is the largest movement for volumes in the last week. Bitcoin trading volumes yesterday exceeded $1.6 billion. That’s the highest peak in the last week.

The rise pushes the market cap above $215 billion, with Bitcoin’s dominance regaining space and returning to above 64%, despite Ethereum’s strong growth to slightly below 9.6%. Whereas instead, XRP loses ground, returning below 4%, in favour of the other altcoins, and despite the daily climb of 3.5%.

BTC 20200424
Bitcoin chart by Tradingview

Bitcoin (BTC) price

Bitcoin, with yesterday’s rise, saw once again regain the $7,750 mark, a level violated last March 12th and which had accompanied the sinking of those days. Bitcoin recovers the 140 billion of capitalization, a level that was abandoned last March 12th

It is a positive sign for Bitcoin that will have to find confirmation over the weekend with the holding of $7,450, former resistance area and former highs of early April. A further rise above $7,800 in the coming days would project prices to review the levels of early March, area 8,200 dollars, where the next target is positioned upwards and which would give a strong signal of an upward reversal in the medium to long term. 

For Bitcoin, only sinkings under 6,800 dollars would give cause for concern about the good performance of the current week that is coming to an end. While in the medium-long term, on a bimonthly basis, only a sinking under 6,500 dollars would create doubts regarding the current bullish scenario.

ETH 20200424
Ethereum chart by Tradingview

Ethereum (ETH) price

Ethereum remains within the bullish trend that has accompanied the current movement since the lows of mid-March. Yesterday afternoon’s increase brought back the prices of Ethereum in the 195 dollar area, which corresponds to the previous support area at the beginning of March, later violated with the bearish movement that began on March 11th.

The weekend will provide a strong bullish signal for Ethereum in case of recovery of $200 and even better with a push over $205. The setting seems to be ready for a further upward leap. If this movement is realized, there may begin to be some cover-ups for investors and traders in the short and medium-term. 

Only a return below $175-170 would be worrying for the current bullish trend which at this time is well established. 

It is better to maintain a high guard, considering that for over a month, since the lows of March 16th, Ethereum has never given real signs of slowing down.

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".