Bitcoin exchange rate scratching at 10,000 USD

Welcome to our Bitcoin & Altcoin Report week 18! – In the usual fashion, we want to give you together with the Team of Accointing an insight into the key metrics, analysis and fundamental data. Here, we take a special look at the Bitcoin exchange rate, the increase on Wednesday by around 20% and closer in the direction of the USD 10,000 mark comes.After our Report was 14 days ago, the question of whether the Bitcoin exchange rate has now reached its soil, has done a lot. Just in the last 48 hours, BTC was able to gain momentum and double-digit percent numbers. We, therefore, ask us today is whether we have now arrived in the Halving Bullrun?

Bitcoin exchange rate: The correlation with the S&P500 and Gold

At the start of our Reports, we always take a look at the traditional financial market. We consider the Standard and Poors 500 (S&P500), as well as the currently strong demand for the precious metal, Gold, asked. In doing so, we come to the following conclusion:it is established that Bitcoin has in the Year-to-Date perspective with a strong Performance. However, we want to look at the correlation between BTC, the S&P500 and Gold. The S&P500 has only opened a few hours ago, yet already in the Minus after the last few days were tend to be in the sign of the green color.The Bitcoin exchange rate is from the current point of view (17:00) is around 7 percentage points in the Plus and performs both Gold and the S&P500.The conclusion: BTC shows, both in the short term, as well as from the YTD perspective, a strong Performance. The correlation is still given. The decisive factor will probably behave as the Bitcoin price in the next few days. A positive catalyst will be Halving this, the Bitcoin, which has a momentum of their own spark, and thus the correlation between BTC and the traditional financial market more can be decoupled.Now let’s take a look at the Chart of the Bitcoin price.

Bring the Bitcoin to the final decision Halving?

The Halving 2020 is getting closer. The Countdown is ticking and for many investors, as well as crypto-enthusiasts, it is probably the most exciting crypto event this year. Consequently, also the expectations are high.This is already in the Chart reading and where are we actually, if we consider a larger time horizon?The above Chart shows the period from November 2017 until the expected day of the Bitcoin Halving in 2020: the 12. May. Here we see, first, that the massive price crash in March, which was triggered by the global turbulence on the financial market, was quickly recovered by the lower trend line (red). As a result, the slow but steady recovery of the Bitcoin exchange rate began.With the surge on Wednesday, the Bitcoin price broke the 200 DMA line to the top. Such a breakthrough is considered to be bullishes Signal. The big question is however, whether we create it from the channel (marked to break out by the two red trend lines) and the roadway make for a new All-Time Highs?So much for the Charts. Now let’s take a look at the most important On-Chain data.Find the right one for you tax Tool. In our tax tool comparison for Bitcoin & Co, you can find out which providers are there and where are their Strengths and weaknesses lie. Choose currencies for you the optimal Tool for easy and hassle-free tax return for Bitcoin and Crypto. For comparison go.

The most important On-Chain data at a Glance

The Insights of the block chain experts from Glassnode give interesting insights to the overall state of the Bitcoin Ecosystem. The analyses go far beyond the Bitcoin exchange rate and provide us with fundamental insights.Currently, we see, for example, that the Crash in March has led to many of HODLer increase your Portfolio and reasonable prices to buy use. The chart below visualizes this phenomenon very nicely:We see a significant increase in addresses with more than 1 BTC since the Crash in mid-March.Before we come to the market sentiment, we want to take a look at the Exchanges. Specifically, we look at the Bitcoin Balances on the stock exchanges. This will give us a fascinating insight into the mindset of many investors. Also, let us possible to draw conclusions about the development of the Bitcoin exchange rate We can say that the Balance of Bitcoin on exchanges is decreasing since the peak at approx. 07.02.2020 permanent. The return flow is, in absolute Figures, approximately 275,000 BTC. How can these Numbers be interpreted?With the constant decline we see clearly that many investors and HODLer withdraw their BTC from the Exchanges and in the direction of the safe Cold Storage move. This, in turn, we can conclude that the less Bitcoin available for sale, which reduces the available supply and liquidity. This, in turn, leads to higher prices.

Bitcoin exchange rate, and the Fear & Greed Index

The compulsory part in our Report the views of the Fear & Greed Index. How is the mood of the market? – Is it fear or is it already in the direction of greed?After we had 2 weeks ago is still an extremely low value of 13, was able to recover the Fear & Greed Index. The yesterday’s rise in the Bitcoin exchange rate has played a role in his part. The mood is currently largely neutral.A further increase of the course, as well as the inevitably approaching Halving can press the Index quickly in the direction of the yaw. Already now, we notice that investors are afraid to miss something. The classic Definition of FOMO.You are looking for a suitable Portfolio Tracker also makes your taxes? Then you should definitely take a look at Accointing. Portfolio Tracking, optimization, and taxation are made easy here. Get the Maximum in your tax Declaration. Sign up for free and 10% discount save!

Interested in Halving 2020 increases significantly

How is it different? – The Bitcoin Halving in 2020, this is of course the dominant theme. In our last Report, we have already spoken extensively about the consequences for the Mining. Today, we want to keep the part of the Halvings, however, is relatively short.We note that the Halving for many of the “Bitcoiners” is the first in her career. Therefore, the voltage is high and many newcomers are interested in its effects and begin to understand slowly, what the long-term consequences of the halving of the offer on the Bitcoin exchange rate.The interest shown in our digital world, of course, always in the Form of Google searches. And so it is not surprising that we observed a significant increase in the term Bitcoin Halving.

Conclusion: what’s next for the Bitcoin exchange rate?

As already mentioned above, liquidity is the dominant factor for the Bitcoin price increase of the last few hours. There are fewer and fewer sellers and many BTC are now in the hands of classic HODLern. Even those who waited full of hope, yet at affordable prices, yesterday had to realize that the odds are always low. The formula for the increase can be put very simply:More buyers + low liquidity = High PreiseDie open question, however, is how it goes now with the Bitcoin course? – From the past we know that BTC moves very happy, very strong and fast. As a reminder: in 2017, the course took 34 days to $5,000 to increase to $20,000. In 2019, it took 15 days in which the Bitcoin exchange rate of 8,000 increase to almost 14,000 USD. Come this time of the year now? – Maybe!Of course, we can make no guarantee of this. However, it is clear that the panic around COVID19 goes back slowly, the global markets recover, the money printing machines make the BRRR sound, and the Halving in the case of many people, FOMO widely used.In all the euphoria, we should set ourselves to pullbacks and corrections in the next few months. You are part of a healthy growth market. We hold our gaze, therefore, on the price development, the On-Chain data, and of course the macro-economic development.The conclusion we therefore draw the following conclusion: Forget the short term Trends, understands the value of Bitcoin and focus on the Big Picture. In this sense, the Halving is coming!Did you take care of is actually your Bitcoin tax? We recommend you have a Crypto portfolio tracker that does exactly that for you and you optimize your taxes and your portfolio helps: Accointing.The Team has for many years been in the Bitcoin scene and the pain of end-users, especially in the area of control and Tracking with Bitcoin & co. knows The basic functions of Accointing are free of charge, but with our discount Link you will get 10% discount on tax Reports and other useful Features. Get the Maximum in your tax return out and sign up today! Sign up now and save!You have any questions or suggestions on the Bitcoin exchange rate & Altcoin Report? – More information on Accointing you’ll find in the Rest of the on www.accointing.comkomm in our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image source: Shutterstock, Glassnode, skew.com alternative.me, blockwaresolutions.com)

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