Bitcoin rose from $ 7,100 to $ 7,800 in a matter of minutes, reaching its highest level in the past three weeks. Overcoming the $ 7,250 and $ 7,500 barriers, BTC broke the psychological barrier since April 6.
Financial markets are miserable. Investors are preparing for the dire earnings report of upcoming companies. Even a little news brings great joy in the stock markets. This is reflected in Wall Street. Crypto money markets are progressing very well compared to stock markets.
Viewing BTC / USD Hourly Chart
- Short-term technical analysis of Bitcoin reveals that in the short term, BTC has turned
- into a bull. The range of the day so far is $ 7,033.93 – $ 7,777.76. And apparently, BTC
- could go higher.
- The Relative Strength Index shows that Bitcoin is entering the overbought territory.
- Prices continued to rise. This shows that there are investors and they want to catch the
- Volumes increased more than in the last few sessions. People are rising strongly in
- Bitcoin right now.
- The upward transition of the MACD is again a strong bullish indicator.
Far Eastern Doping to Bitcoin
According to Molly, the former head of Bitcoin Magazine’s China chief, “Bitcoin halfway” just became viral in Weibo. The Bitcoin split was the sixth most sought-after term in the past 24 hours, although China effectively banned Bitcoin buying via yuan.
Similar Landscapes Worldwide
Google Insights for Search data shows that last month global Google users searched for the term “Bitcoin halfway” more than any month. The search engine also predicts that in April, the term “Bitcoin halfway” will be searched twice as much as last month, reaching the all-time high.
This means bull for Bitcoin, according to Google data, the search terms “buy bitcoin” and “bitcoin halfway” have been increasing step by step since the beginning of the year. The correlation is not perfect, but it is clear that they affect each other.
Four Key Factors Causing the Bitcoin Bull Run
Kelvin Koh, former partner of Goldman Sachs, announced that he saw the Bitcoin market to start the bull run on four basic factors:
- Facebook’s crypto Libra’s launch is approaching: Analysts think the launch will lead to adopting Bitcoin, as some overlap is expected between those who adopt Libra and those who adopt BTC.
- China launches its digital presence: China is finally starting to implement the national digital currency project, from local media reports and public announcements by the People’s Bank of China. This will speed up the transition to digital cash systems, including Bitcoin.
- Top markets legalize Bitcoin: Over the past few months, countries such as India, South Korea, and Germany have made decisions on crypto and Blockchain and have shown it supports innovation as long as they are within certain limits.
- Federal Reserve has activated its economy recovery policies: Federal Reserve will buy endless amounts of bonds to support proper market functioning and effective transfer of monetary policy to wider financial conditions and economy.