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The first cryptocurrency began the new trading week with a bullish rebound to $57K. The jump was caused by some technical reasons and the global financial market recovery after it dropped amid the news about a new coronavirus strain. Let us take a close look at all the reasons for the recent jump and try to predict a further movement of the asset.
The first factor that caused a rebound in BTC is fundamental. It means that it affects the whole economic sector, including the crypto market. The news about the new coronavirus strain has shocked all exchanges. The spread of the new virus strain may lead to supply disruptions, a surge in the number of virus cases, which may cause tough quarantine measures, as well as lower income and inflation rise. This year, the key reason for the BTC rally was a record high inflation rate in the US and the intention of large companies to save their money by investing it in crypto assets. As a result, BTC correlation with the US dollar increased. That is why the news about the new virus strain hit bitcoin as well. As a result, altcoins also followed BTC.
The second reason for the jump in BTC is that the correctional movement is gradually ending. The coin was sliding for three weeks after it reached a record high and almost touched the support level of the uptrend that began at $40K. Thus, BTC rebounded from the last support area. This was caused by important bullish factors. The fact is that institutional traders were buying the asset during these three weeks instead of selling it off. This proves that they were sure in the bullish trend. In other words, the drop in BTC allowed identifying traders who may sell coins during local corrections.
In the near future, the asset is likely to consolidate. After any impulse movement, the price slid to stabilize the future movement. The asset continued moving towards the 0382 Fibonacci level at $57,6K. As a result, the price began falling and approached the level of $57K. According to the forecast, BTC is likely to consolidate above the 0.382 Fibonacci level to reach the local resistance level near $60K. As a result, it may climb to the 0.236 Fibonacci level at $62K. If the price consolidates above this level, the bullish trend may start. Bitcoin may show the largest rise in the last 18 months. It may hit the area of $86K-$100K.
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