Bitcoin prices rallied on Wednesday to reach an intraday top at about $6,983 but the move did not improve its bearish outlook for the rest of the month.
The bitcoin-to-dollar daily chart saw the formation of two extremely bearish patterns: Death Cross and Double Top. The former appeared after bitcoin’s short-term moving average slipped below its long-term moving average. Meanwhile, the latter appeared as the price reached a peak two consecutive times with a moderate decline between them.
Rejection just below $7,000 and a failed breakout out on the hourly chart has weakened the immediate bullish case for bitcoin (BTC). A move below $6,250 would confirm a rising channel breakdown on the 4-hour chart and shift risk in favor of a drop to support near $5,700.
The U.S. fiscal stimulus does bode well for bitcoin in the long run, according to analysts. More immediately, the cryptocurrency remains at the mercy of sentiment in the traditional markets.
Bitcoin is struggling to maintain its recent upbeat mood on Wednesday despite the rapidly increasing scope of fiscal stimulus efforts in the US and across the globe.
References:
National Economic Council Director Larry Kudlow says the coronavirus relief package will be $6 trillion https://t.co/KQ4PiXdNRb pic.twitter.com/lHGFL3nxrR
— CBS News (@CBSNews) March 24, 2020
FED’s money into Bitcoin?
Don't take out your money from the banks. ? https://t.co/7YzfTDr8I6
— Altcoin Buzz (@Altcoinbuzzio) March 25, 2020
https://www.forbes.com/sites/lukefitzpatrick/2020/03/23/will-bitcoin-emerge-as-a-winner-5-things-to-expect/#7137f0a41933
Founder of Uptrennd Jeff Kirdeikis does the math
The new stimulus package in the USA is 6 Trillion dollars.
6 Trillion divided by 350 million Americans is over $17,000 per person.
Yet, they are giving out $1,200 per person.
Who is really benefitting here?
— Jeff Kirdeikis (@JeffKirdeikis) March 25, 2020
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I truly believe in this day and age that the US was built on credit! just ask the credit card companys. I have 3 months worth of expense's. in a savings account for emergencies. I know so many people that live paycheck to paycheck. also live above there means. and they say we can afford it we will put it on credit. I myself am buying into bitcoin. I believe in long term. and I believe its the best time to get into it.
America is FRUCKED
Because its government & leaders are more concerned with saving the stockmarket than they are with saving majority of jobs, with healthcare coming way down the list.
6 Trillion dollars, of which 80% will end up going to corporations and the mega-rich to prop up their wealth and by back stocks. … While the majority people will either get very sick, or die, and loss their jobs.
… …
PRIVATISE the PROFITS
SOCIALISE the LOSSES
Mine will, fck the evil corrupt centralized system.
UBT interview would be awesome!
That fiat cash printer is gonna be working overtime
Of curse they don't want you to take your money out of the banks! They don't have the money in the banks. It is only a number on the screen!
zeus
the system is cracking. bitcoin.
Forget btc, this shit is just worthless
When the fiat currency goes to zero the stablecoins suddenly don't seem that attractive
Interview Jeff from Altcoin Buzz!
Can’t wait till I get my check. The asset I have on my radar is toilet paper…it’s scarce, it must have value because stores are sold out, and in this new shi**y economy it will definitely have a use case!
Thanks again good job
He snuck in months lol its will just be weeks months not years. Its just beginning
About 2k per person @330milliom pop not 20k
But the dollar can't fail right? The whole world is rellying on USD right now, right? Correct me if I'm wrong.
Everything will crash soon including bitcoin. Invest in food that will be the new currency.
I guess the USD is backed by nukes. That kinda counts.
hey matty . would love to do an interview of you even if it’s behind a screen .
Pretty transparent, they are busting the dollar in the hope to bring all fiat down and now have the perfect excuse but they have to crash the whole system not just the dollar, I do not think they will pull it off, The BRICs may decouple but BTC will be a winner
Heres an idea! Why don't they just use the 23 trillion that they took during 9/11
"Forget the mattress! Keeping large sums of cash at home is risky." HA!
nice content you deserve more subscribers
Larry coke head kudlow..insane shit
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