trade now
(BTC) Bitcoin News TodayBitcoin TrendsCoronavirus (COVID-19)Price Analysis

Bitcoin Price Consolidation: Is New Target $13,000?

Bitcoin is now trading around $9,164, which is very close to key support of $9,000. What caused Bitcoin to plunge? It may be the equity markets that inspire the top leading asset to plummet.

The highest numbers of daily Coronavirus cases has been reported recently. Investors are draining money out of the markets due to fear of the second wave of Coronavirus. To some extent, Bitcoin also comes under the spell of global markets.

In order to curb the negative COVID-19 effects on the economy, the Fed is busy printing money. While the Fed is making surplus money out of machines, prominent investors are criticizing government policy as they have pointed out that it will shatter the people’s belief in government institutions.

The Advice of Rich Dad Poor Dad Author

In these tough conditions, some professional financial gurus are advising people to look at assets such as gold, silver, or Bitcoin. Robert Kiyosaki, the world-famous finance author, and the educator asks people to buy Bitcoin along with gold and silver.

“Is the Fed Ded?  The Fed can print $ but cannot print jobs. As Corona returns the massive Fed-Wall St-Treasury bubble collapses. Corona is the pin not the bubble.  If you think the Fed is Ded get more gold, silver, and Bitcoin. Sadly, I think the Fed is dying. Take care be aware.”

Bloomberg Analysis

The latest report by Bloomberg says that Bollinger bands are narrower more than ever, and it tells us that volatility is very much lower. A major breakout is expected as Bitcoin is consolidating.

📰  Ripple Price Shatters Major Resistance, Gains 30% Amid SEC's Case

The report by Mike McGlone concludes by referring to the resistance level standing at $13,000:

“Our graphic shows the upward sloping 260-day moving average on the crypto and bands that roughly marked the 2019 high and 2020 low for guidance. By this measure, when Bitcoin exits its cage, about $13,000 is a good initial resistance target. Sustaining below the bottom band at about $6,500 would jeopardize the uptrend.”

Moreover, Bloomberg analyst also finds that the volatility of the top digital asset is the same as the gold based on the data of 260 days:

“Its 260-day volatility, at about 4.4x that of the same gold measure, is the lowest since April 2017. The average is around 6.4x and the peak was 12.2x in 2011.” produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰  Crypto Futures Trading Guide 2022 – Everything You Need To Know

📰  Solana (SOL): Why Bearish Bias is Logical Despite Bullish Momentum 

Ido Fishman

Ido Fishman is a new contributor at Tokenhell. He has a extensive background in investing and financial markets and writes for many large financial news portals such as Forbes, MarketWatch and Seeking Alpha. We highly recommend following his news articles.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button