Analyses

Did Trump Really Advertise Bitcoin Through His $2 Trillion COVID-19 Relief Bill? – BTC, ETH, LTC Price Analysis, 30 Mar, 2020

On March 27th, President Donald Trump signed the $2 trillion COVID-19 relief bill – the largest economic stabilization package in US history.

Many cryptocurrency enthusiasts view such kind of financial decisions as pro-inflationary. That's why in a Twitter post, Blockstream Chief Strategy Officer (CSO) Samson Mow, a prominent Bitcoin maximalist, described Trump's measures to combat economic uncertainty as an advertisement for Bitcoin:

9k=

Source: Twitter

Bitcoin Cash (BCH) proponent Roger Ver also expressed a similar point of view by saying that the purchasing power of the US dollar may reach zero:

9k=

Source: Twitter

Although the global financial situation is becoming more supportive of the crypto market, there are some endogenous factors that may put pressure on the prices of cryptocurrencies. For instance, recently the Bitcoin network's hash rate has dropped significantly as some miners are moving away from BTC prior to the upcoming cryptocurrency halving:

9k=

Source: bitcoinvisuals.com

At the time of writing, according to Coin360.com, the crypto market is relatively stable. One Bitcoin costs €5,709.33 (+2.62%), one Ethereum – €119.46 (+1.89%), and one Litecoin – €35.10 (+1.41%):

Z

Daily crypto market performance. Source: Coin360.com

Now let's analyze the price charts of the three cryptocurrencies against the euro.

BTC/EUR

In the 1-day time frame (1D), this past week BTC/EUR tested the lower bound of the previous local low's range:

Z

Although Bitcoin's attempt to enter the range was unsuccessful and the price has declined, our guess is that within the next couple of weeks BTC/EUR will try to retest the levels of the lower part of the range. 

ETH/EUR

On the 1-day chart (1D), ETH/EUR is hovering near the 7-day moving average (MA) Thus, indicating some indecision between the bulls and the bears:

2Q==

Nevertheless, the price chart of Ethereum is still below the 30-day MA what may be considered an indicator for bearish sentiment. 

However, we think that ETH/EUR will head towards the 30-day MA.

LTC/EUR

In the weekly chart (W), LTC/EUR has started to consolidate below the psychological level of €40 per one digital coin: 

Z

What is interesting is that the previous two candlesticks have ascending local lows and descending local highs. Therefore, we may conclude that the market volatility is declining and in the next few days, the price of Litecoin will be relatively stable.

Stay updated on everything Bitcoin-related with Bitvalex. Bitvalex is a licensed digital wallet and cryptocurrency exchange; learn more about us and blockchain technology and sign up to use our services.

The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.

 


Trade crypto with Bitvalex

Buy and sell BTC, ETH, BCH and LTC with EUR and USD аt great rates. EU-licensed Bitvalex supports SEPA, SWIFT, debit and credit cards, as well as AdvCash transfers. Sign up now and be one of the first to get a prepaid Bitvalex Mastercard!

Sign up

Написать комментарий


Комментарии