Bitcoin price analysis on May 3, 2019

Crypto analysts believe that Bitcoin (BTC) will likely benefit from the sharp decline in Asian stock markets caused by Corona Virus.

Overview of the cryptocurrency market. Source: Coin360
Overview of the cryptocurrency market. Source: Coin360

Stock market started the new week very volatile

Data from Coin360 shows that the BTC / USD pair quickly made a profit on February 3 – rising to a high of $ 9,580 overnight after correcting slightly to $ 9,380.

At the same time, the SSE Composite Index (code: SSE) – the stock market index of all stocks traded at the Shanghai Stock Exchange, fell nearly 8% on concern about the impact of the virus. corona to the economy continues to soar.

As a measure to prevent the impact of this pandemic on the economy, China Central Bank has pump Huge amounts of capital of about 1.2 trillion yuan (US $ 170.9 billion) into the domestic market, China's move has received much criticism from the authorities.

Bitcoin price chart 1 day. Source: Coin360
Bitcoin price chart 1 day. Source: Coin360

Bitcoin's 24-hour profit remained unchanged at the time of writing, but the price is expected to remain high thanks to a monthly increase of nearly 35%.

“The stock market has started the week very volatile,” Michaël van de Poppe – regular analyst for CoinTelegraph writes in a tweet recently. He added that he predicted volatility would increase when the European stock market opened a few hours later.

As Toiyeubitcoin reported, most analysts have conflicting views on the level of “support” or “hindering” Bitcoin price action.

Trader Tone Vays, meanwhile, believes that although Bitcoin has certainly made a profit in some way from economic instability, any serious escalation could have the opposite effect. again.

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Others are more optimistic.

“As confidence in institutions and the global market continues to worsen, we will see high-mobility digital assets like Bitcoin explode in value,” Jehan Chu, managing partner at blockchain investment firm Kenetic Capital, told Bloomberg on Monday.

Even before the Vu Han pneumonia pandemic, Bitcoin showed bullish signs – technical fundamentals continued to set new records, and institutional interest in the Products such as Bitcoin futures have become clearer than ever.

This week, a number of other factors have gained attention – Bitcoin's 50 and 100-day moving averages seem set to create a pattern. golden cross (a gold cross or a gold cross) – a huge price increase signal.

The altcoin market shows signs of increase

The altcoins showed signs of growth when the week began, with the market capitalization of many major altcoins inching up about 1%.

Ether (ETH) challenged the $ 190 level after gaining 1.8% on the day, while the other names grew even more – Tezos (XTZ) rose 8.9%, and XRP earned 4.7% .

Bitcoin 7-day price chart. Source: Coin360
Bitcoin 7-day price chart. Source: Coin360

The total capitalization of all cryptocurrencies is currently at $ 261.3 billion with Bitcoin's dominance rate reaching 65.3%.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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