Cryptocurrency

The price of bitcoin has advanced more than 20% in the last week

To analyze the price movements of bitcoin (BTC) from the 18th of march to the current date, it is observed that the criptomoneda grew by approximately 24% in the last seven days.To evaluate the dynamics of the price of the bitcoin during the last week requires taking into account some of the major events in the global economy, among which stands out the fact that the Federal Reserve of the USA. UU. has announced that will not have limits at the time of purchasing assets in order to minimize the economic impact generated by the pandemic of the coronavirus.Prior to this, the price of the criptomoneda was already uncoupling of the behavior of the stock market. After the announcement, both gold and bitcoin have experienced highs, while the stock indices traditional world, such as the index Standard & Poor’s 500 (S&P 500 of the united States) and the Euro Stoxx 50 (Europe), have reached historic lows.The signature Coin Metrics recalls, in its report published on 23 march, the fall that took the price of bitcoin on the 12th of march, which led to the liquidation of large amounts of futures contracts. He adds that the poor caused the flight of several participants of the market, which now has reduced the liquidity in the trading spot (cash transactions). At the same time, it points out that experienced traders have been betting that the high-volatility allows them to take positions favorable.In this context, for the 18 of march the price of bitcoin remained in the threshold of USD 5,000, according to data from CoinmarketCap. On that date, the daily volume was in the range of USD 36.000 million. At the end of the day, bitcoin is listed in USD 5.288.Graph of BTC/USDT (Binance) in periods of 1 hour. Source: TradingViewEl march 19 begins a new bullish momentum that took the price from USD 5.300 up to a us $ 6.400, which represents an increase of over 17%. That day the price of the criptomoneda seemed to find a resistance in the range of USD 6.300.

Bitcoin is slowly recovering

The early hours of march 20 showed that the bullish momentum that brought bitcoin would remain in progress. From 12 a.m., hour of Venezuela, the price went from us $ 6.160 USD 6.820 at 6 am. From this point the value go on a fall corrective that led him to test media in the range of us $ 5.900.As you can see in the above chart of bitcoin, the 21st and 22nd of march were days of relative calm in the market. The price kept oscillating between the range of us $ 6.200, and the USD 5.800. While the daily volume of bitcoin rose to reach a maximum of us $ 56.000 million dollars.Upon arriving at the march 23, bitcoin is back to make another thrust upward. In less than an hour the price of the criptomoneda spent of the us $ 5.800, to USD 6.300. This new thrust is aligned with the announced of the EDF on the purchase of all types of assets. The advance continued for several hours, making the criptomoneda came to USD to 6,600 at the end of the day.During the 24 march, and 25 march, BTC is testing a new resistance that is in the range of USD 6.800. The market is testing supports at the threshold of USD 6,500. At the time of this note the price of the criptomoneda round of the us $ 6.625.