Forex and Crypto News

Bitcoin Remains Downward Despite Rally

11:23 01 May /2020

Investors say that despite the Bitcoin rally, which lasted April 29 and 30, Bitcoin continues to hold in the downward channel. Bullish attempts did not break the channel, so it's too early to talk about the beginning of an uptrend.

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The upward rally of Bitcoin was caused by the correlation of the stock market and the panic before the upcoming halving. However, this could not start an uptrend. Crypto analyst Mati Greenspan showed on the daily chart of the BTC/USD pair that the downward price channel is not broken. Accordingly, the pair continues to trade in a downward channel with borders in the areas of $5500 and $9500. The middle line of this channel was the resistance level for the BTC/USD pair. Currently, the middle of the channel runs in the region of $7000.

It should be noted that Mati Greenspan rated Bitcoin as the best chance for investment, despite the current price volatility. Moreover, he moved 100% of his eToro portfolio to bitcoins.

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Analysts say the risk of lower stock prices is rising as COVID-19 continues to stop the economy. Accordingly, if Bitcoin continues to correlate with the stock market, namely with the S&P 500, the downtrend may increase on the BTC/USD chart.

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