Bitcoin Maintains a Positive Outlook Amid Global Economic and Financial Crisis

Bitcoin Maintains a Positive Outlook Amid Global Economic and Financial Crisis

Bitcoin (BTC) traded this week on a trumped-up momentum, as it recorded multiple 2020 record highs. Interestingly, this bullish performance is happening amid a brutal beating across the equity markets including the Nasdaq 100 (NDX), Dow Jones (DJIA), and S&P 500 (SPX).  

Cumulatively, the benchmark cryptocurrency has grown by about 4.3% over the week. Although this growth number might not seem like much, looking at it with the backdrop of the current economic crisis plaguing the markets, shows you just how impressive this bullishness is.

Meanwhile, Bitcoin’s recent performance has given it a 63% market dominance, which has caused serious problems for the already embattled altcoin market. For example, Ripple (XRP) is now trading at lows last seen in 2017, indicating the negative impact Bitcoin’s dominance is exerting on the rest of the industry.

In other news, Iran has become the first country to constitute Bitcoin as an official and legitimate means of exchange. This decision was made due to the wave of sanctions on the country from the US.

Also, the Bitcoin-friendly Avanti Financial Group has received an official banking license in the US, making it the second company to secure such a license after Kraken.

Regardless, it will be interesting to see how the cryptocurrency market fares in the coming weeks and if Bitcoin maintains its bullish performance moving forward.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor in the Near-Term — October 30

Bitcoin has entered a slight consolidation between $13,600 and $13,100. Investors expect a revisit to the upper-$12,000 level, where more dip-buyers are expected to join the train. The major level for Bitcoin to break is the $13,860 ATH, followed by the $14,000 psychological resistance.

On the flip side, a break below the $12,890 support could trigger an additional bearish extension for the cryptocurrency in the near-term. However, the overall bias remains to the upside.

Total market capital: $395 billion

Bitcoin market capital: $250.7 billion

Bitcoin dominance: 63.2%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.