Market Analysis & Bitcoin Price Q1-Q2 2020

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Market Analysis & Bitcoin Price Q1-Q2 2020

Current events in the crypto market, Bitcoin price movements both from the fundamental and technical aspects we discuss thoroughly.

The contents of this article are for information purposes only and are not investment advice or recommendations or solicitation. Coin Crypto Asia always advises you to get financial advice by you and for yourself before investing or trading cryptocurrency.

Not feel half of 2020 we have passed and we feel it is important for all of us to look back a little to see so far what has happened in the crypto world in 2020.

Beginning with the green candlestick in January which signals the bullish trend of Bitcoin, the optimism of the Bitcoin market continues into February. The more 'green', the price of Bitcoin also set a record high in 2020 (year-to-date) in February in the range of $ 10,500 / BTC. Shortly afterward, the COVID-19 pandemic triggered a global market crash that destroyed all profits seen before March.

However, Bitcoin has bounced back with a 27% increase, and so far in 2020 Bitcoin has outperformed the stock market. Except for XRP, most of the best crypto assets based on market cap (market cap) are in the green zone. XRP has so far experienced a 9% drop in market cap in 2020. Overtaking the position of Bitcoin, Ether (ETH) has emerged as the best crypto asset that has so far risen 75% in 2020.

Also! The Good News - Bitcoin Price in Q3-Q4 2020

Crypto market recovery that occurred after the market crash, looks stagnant in recent weeks. Bitcoin price movements are still in the range of $ 9,000 and $ 9,800 since early May until now.

Bitcoin price analysis

Short-term

After more than a week the market movement is still in a sideways condition with a range-bound sideways around $ 9000, finally, on Monday the BTC broke through the level of $ 9,300 and even prices closed in the range of $ 9,400. This price increase is the highest since June 25. But unfortunately, this is not interesting enough for investors/traders to pump the increase in trading volume. As a result, there is a slight retrace to the $ 9,300 resistance level we mentioned earlier.

If we analyze from the support side, the $ 9000 support level has significantly strengthened in the last few weeks. But now the level is a critical zone that must be wary of if the rising momentum of Bitcoin prices does not continue.

Meanwhile, before Bitcoin rises to face its psychological zone at $ 10,000, there are a number of smaller resistance levels that Bitcoin must cross - although it will require a larger trading volume to be able to maintain the uptrend and breakout until it breaks the downtrend line that we show in color black on the chart.

Long-term

At the macro-level (greater), we see BTC surviving in an uncertain phase. If we describe in more detail, Bitcoin managed to recover after the market crash due to COVID-19 with volatility and the weekly volume of Bitcoin looks low in the range of trading prices that are generally the same. Low volatility, in the long run, is not something we normally see on the BTC market, and given the current post-COVID-19 socio-economic environmental conditions, we certainly will not be surprised if price action occurs with a clearer direction in the near future.

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