The crypto market experienced lots of ups and downs over the last few weeks, along with the stock and forex markets. Coronavirus outbreak impacted on all of them. Most of the cryptos fell sharply on Monday, due to the major sell-off.
However, Wednesday was a bullish day for several major cryptos. Bitcoin Cash SV rallied by 2.7%, gaining the most. Ethereum was the second with a 2.19% rise, while Monero’s XMR increased by 2%, and Tezos grew by 2.38%.
Some other cryptos also managed to move from the red territory. Litecoin skyrocketed by 1.96%, while EOS rose by 1.68%. Binance Coin and Bitcoin Cash ABC increased by 1.07% and 0.73%, respectively. Cardano’s ADA, on the other hand, added 0.81%, with Tron’s TRX gaining 1.00%.
However, not all the cryptos profited from Wednesday’s session. Bitcoin Cash SV lost 4.16%, while Stellar’s Lumen fell by 1.59%.
The total crypto market cap stands at $152.23bn presently. After hitting high on Monday, the market cap fell and then rebounded to $153.9bn levels on Wednesday before easing back again.
What about Bitcoin?
Bitcoin fluctuated on Thursday morning, first soaring to $5,475.0 and then sliding down to $5,274.5. However, the crypto lowered by 2.26% to $5,293.7 later in the day, leaving the major support and resistance levels untested.
After gaining a 5.55% on Tuesday and reaching $5,416.2, the crypto added 1.44% on Wednesday. Bitcoin hit high of $5,459.3 in the early morning on Thursday before beginning falling. During the morning intraday, it traded at $5,033.0, until clearing the first major support level at $5,006.0.
However, the crypto skyrocketed to an early afternoon intraday high at $5,488.0, after it found support from the broader market. But Bitcoin couldn’t clear the major resistance level at $5,622.5, and it dropped back to sub-$5,200 levels.
The near-term bearish trend remains firmly intact so far. Bitcoin would need to break out from $10,000 levels for the bulls to form a short-term bullish trend.
