Sudden Bitcoin flash pump left the market stunned with an excitement for coming future specially before halving
Bitcoin halving is expected next month on 12th May 2020 about 18 days to go and sudden upward move by Bitcoin left crypto market with an excitement and created a buzz for upcoming bitcoin halving.
Finally after four months, bitcoin is trading above its starting level of the year. Bitcoin was trying to break its resistance of 50 day moving average from last few weeks and finally, two days ago it started trading above daily 50 MA which was indicating support and resistance.
According to our BEI24 founder and crypto analyst Pankaj Tanwar,
Bitcoin pumped to 10% in no time and currently trading around $7550. If we consider one of the important indicator, fib retracement golden ratio 0.0382 which is around $7650 which is immediate resistance for bitcoin and if it will be able to break it then we might see bitcoin testing 200 daily moving average, which is around $8000 and also one of the important resistance for bitcoin and if anything unexpected happen then it should get support at 50 daily moving average which is around $6800 for now.
But the entire crypto market is looking excited and people have started sharing thoughts about bitcoin pump and upcoming halving.
According to Sathvik Vishwanath, CEO of Unocoin, One of the largest cryptocurrency exchange in India, bitcoin has returned to its pre-crash level of the last month on 12 March 2020.