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How has COVID-19 affected Bitcoin?

How has COVID-19 affected Bitcoin?

While global stock markets lost heavily during the quarter, Bitcoin fell just 10.83%. The sharp drop of 24.9% in March actually turned profits from the beginning of the year. But after reaching its three-month low, Bitcoin managed to advance 75% in two weeks in a highly volatile period. This was despite central bank intervention on a scale never seen before in history.

At current levels, BTC / USD is only $ 700 below its position in early 2020 and $ 3,800 below the current annual high of about $ 10,300. That’s why leveraged bitcoin trading now looks increasingly sustainable as an investment asset compared to traditional markets, which are still struggling with significant losses as a result of COVID-19.

Statistically, the second quarter of a year is usually the most profitable for Bitcoin crypto holders. Since 2013, Q2 has given a negative return only once, with average profits totaling 65%. Still, the main cryptocurrency would have to break above $ 10,000 to form a new short-term bull trend. Until then, the short-term bear trend formed in June 2019 remains intact.

How did the other cryptocurrencies end the quarter?

According to PrimeXBT margin trading review, major altcoins followed Bitcoin and most ended the quarter in the red. However, there were cryptocurrencies that managed to end in the green. Despite seeing a sell-off for the period, Ethereum gained 3.53% in the first quarter.

Ripple’s XRP, however, fell a total of 9.87%. EOS ended the quarter with a loss of 14.45%, and Stellar’s Lumen ended down 9.36%. Litecoin experienced a 32.58% collapse in the very bearish month of March. Thus, the sale erased the profits from the beginning of the year and Litecoin ended Q1 with a decline of 4.72%.

How to buy bitcoin cash

Litecoin will only progress to a bigger recovery if it breaks above $ 40

LTC / USD traded slightly up yesterday, rising from $ 38.44 to $ 39.30. If we look at the hourly chart, Litecoin consolidates into a large triangle. At the moment, the price is trying to move to the upper limit of the triangle, as the volume of purchases increases. Also an upward indication is that the price is trading above the 100-day moving average on the hourly chart.

The key resistance zone is psychological level 40. If the Litecoin bulls manage to break it, this should confirm further upward momentum to $ 43.45 and $ 45.

The bull price action is also supported by RSI, after recovering from its overbought levels on the daily chart. And while RSI is heading to level 45, the $ 50 resistance is likely to be a springboard for the next rally at $ 60.

Meanwhile, the closest support is at $ 37, followed by $ 34.50, $ 28 and $ 26.



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