The market mainly trades sideways when the Bitcoin price stays above $ 10,300

Over the past few hours, the price of Bitcoin (BTC) has skyrocketed 14.33% to reach a daily high of $ 5,940. The sharp price move allowed the currency to break out of the tight range of $ 5,070- $ 5,520, but at the time of writing, the price was pushing back below the previous trading range.

1 hour BTC / USDT chart. Source: TradingView
1 hour BTC / USDT chart. Source: TradingView

This sudden price hike occurred after the US Federal Reserve (Fed). declare cut interest rates to 0% and commit to increase the size of the bond to hold at least 700 billion USD.

The giant stimulus package was launched to combat the market chaos brought about by the corona virus, but shortly after it was released, the Dow futures index dropped 1,000 points, triggering the decline limit and reporting. signaling that Monday's opening session could see the Dow, S&P 500 and other major indexes wipe out gains made late Friday, March 13.

The sharp decline in the futures market shows that regardless of the Fed's strong actions, investors are still extremely worried about the long-term economic impact of many countries closing their borders. In addition, the company has been inactive, self-control, and mandatory self-control with tens of millions of people before the spread of the Covid-19 virus.

Daily cryptocurrency price chart. Source: Coin360
Daily cryptocurrency price chart. Source: Coin360

Therefore, it seems that Bitcoin's recent surge in price is merely a case affected by news and at the time of writing, the price has dropped below $ 5,400.

Daily chart of BTC / USDT. Source: TradingView
Bitcoin daily chart. Source: TradingView

The altcoin price also benefited from the Fed's announcement when XRP increased by 3.47%, Bitcoin Cash (BCH) and Ethereum Classic (ETC) increased by 3.47% and 6.63% respectively.

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The total capitalization of the entire cryptocurrency market is currently at $ 154.7 billion with Bitcoin's dominance rate reaching 63.9%.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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