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Bitcoin explodes more than 20%,Breaks $6,600 In a day

Since our last market update, the Bitcoin price has continued higher, with the rate of growth exploding so far that the price of the cryptocurrency has gone vertical, briefly tapping $6,600 just some hours ago.

At that price, BTC was up 20% on the day, easily outperforming the American stock market indices of the S&P 500 and the Dow Jones, which have posted slight gains (of 1% to 2%) on the day.

Trend is getting Bullish

The trend is getting bullish, though. Analyst Galaxy noted that a trend indicator that nailed the $6,400 bottom in December, then predicted a retracement when BTC was trading at $10,000, has just printed a buy signal for the first time since December. This would suggest a reversal is underway.

Not to mention, there are many fundamental reasons to be bullish on Bitcoin. Hunter Horsley, CEO of Bitwise Asset Management, shared a few:

-Bitcoin has started to decouple from traditional markets, proving that it may act as a safe haven in the ongoing crisis.

-72% of Coinbase clients are buying BTC, per data from the company itself.

-The Bitcoin block reward halving is 50 days away.

-Billions of dollars may return “when levered longs return.”

-Central banks have printed trillions worth of dollars to stimulate the economy, setting the stage for inflation that may benefit cryptocurrency.

HUGELY bullish dynamics for Bitcoin right now:

 BTC flat during HISTORIC risk-off days in markets.

- 72% on Coinbase buying.

 The Halvening is 50 days away.

Billions in buys coming when levered longs return.

 And if 1% of >$2T+ of stimulus finds its way to Bitcoin…

— Hunter Horsley (@HHorsley) March 18, 2020

The big question is will Bitcoin break past $7000 before the week runs out...