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Home » Crypto News » Following Crashing Markets, Bitcoin Struggling To Maintain Key-Support At $6300: Wednesday’s Market Watch

Following Crashing Markets, Bitcoin Struggling To Maintain Key-Support At $6300: Wednesday’s Market Watch

Author: George Georgiev

Last Updated Apr 1, 2020 @ 12:03
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The last few days were quite turbulent for Bitcoin and the entire cryptocurrency market. BTC went to retest the support at $5,800, losing $800 of its dollar value in the process. However, it has since bounced, and it’s currently trading at another important support level at $6,300.

btcusd_chart
BTC/USD. Source: TradingView

This weekend saw $5,850 as the current weekly low, and that’s far from being a coincidence. As Cryptopotato reported, the $5,900 area holds very strong support as it also represents the 38.2% Fibonacci retracement level from the massive drop on March 12.

Looking at the bigger picture, Bitcoin would still have to close affirmatively above $7,168 to overcome the slump from the night of March 12. Until this happens, the cryptocurrency is likely to be considered in a bearish trend.

The rest of the market is following in Bitcoin’s footsteps. Throughout the past seven days, most of the large-cap cryptocurrencies are also in the red. ETH is down about 2.8%, EOS is down 2.19%, and so forth. Ripple (XRP) is the recent winner, as it increased by 6.7% throughout the week despite the declining market.

crypto_overview
Cryptocurrency Market Overview. Source: Coin360

Major Crypto Headlines

Russia’s Legislative Ban On Cryptocurrency Delayed Because Of The Coronavirus. The unexpected outbreak of COVID-19 has an impact on legislative procedures in Russia. According to a government official, the law which would ban cryptocurrencies from being used as a means of payment will be delayed.

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Bitcoin HODLers: BTC Daily Transfer Volume Hits 15-Months Low. March has clearly been a devastating month for Bitcoin as the cryptocurrency lost almost $3,000 of its value. Moreover, on-chain transactions on the Bitcoin network have also declined to their 15-months low, according to data from Bitinfocharts.

Analysis: Gold Price Should Be $8,900 (5x Higher) And Here Is Why. The global financial markets were seriously affected by the spread of COIVD-19. This also had an impact on the price of gold, which was also unusually turbulent. According to one model, however, its fair value right now should be around $8,900.

Significant Daily Gainers And Losers

WAVES (17,06%)

WAVES is currently the best performing cryptocurrency in the entire market for the past 24 hours. It’s up about 17% against the USD and 18.3% against Bitcoin. It sits on a total market cap just shy of $99 million with a daily traded volume of about $174 million. It’s the 48th largest cryptocurrency on the market.

ICON (14%)

ICON (ICX) is another altcoin that marked serious gains throughout the past day. It’s up 14% against the USD and 15% against BTC. At $0.23 per coin, the cryptocurrency has a total market capitalization of $125.6 million and a daily traded volume of about $52 million. It’s the 38th largest cryptocurrency on the market.

Bytecoin (-14.4%)

The past day hasn’t been particularly lucrative for Bytecoin as it becomes the worst-performing cryptocurrency over the last 24 hours. It lost about 14.4% against the USD and 13% against Bitcoin. BCN changes hands at $0.000196 and sits on a market cap of $36 million. Its daily traded volume is about $9,000, which is quite insignificant. BCN is the 85th biggest cryptocurrency on the market.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Altcoins Bitcoin Bitcoin (BTC) Price
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About The Author

George Georgiev
More posts by this author

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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