Bitcoin (BTC) hit its highest level in a week on April 2 as a fresh upside brought more misery for the world market due to coronavirus.
Cryptocurrency market daily overview. Source: Coin360
BTC Profits as coronavirus rattles U.S. jobs
Data from Coin360 and CryptoThere Markets revealed BTC/USD clinching 7-day drops of $6,830 on Wednesday, having gained almost 9 in the past 24 hours.
Bitcoin 1-day cost graph. Source: Coin360
The rise arrived on the back of grim statistics from the USA, which revealed 6.6 million people filed for unemployment last week. The amount is more than double official quotes.
For analysts, the picture was mixed for Bitcoin, with strength not decisive enough to turn bullish on the short term potential.
Cointelegraph Markets’ filbfilb outlined a daily close above $6,800 was an essential first step.
“Volume has dropped off that is not excellent news but we have 4 greater lows now so prejudice must be slightly to the side at this time,” he told followers of his Telegram trading station.
“Problem is there are not enough items ticking enough boxes at immunity for me to be long.”
What’s in a Bitcoin price?
As extraordinary financial measures played out across the planet, the debate surrounding Bitcoin as a safe haven — specifically an antidote to unlimited cash printing — continued to gather momentum.
Now, more than ever, famous social networking figures were increasing awareness of the value of hard money, pushing aside issues such as USD value.
“Bitcoin is a requirement, since cash is a must, and fiat currencies are broken,” the @Bitcoin Twitter accounts wrote in its most recent post on Wednesday.
As CryptoThere reported, TV host Max Keiser even predicted that the wealthy would spark a run on gold reserves and that lay investors who had been not able to contact any would be pressured into Bitcoin”en masse.”
“Recall: billionaires consider gold and silver how the jobless consider toilet paper,” he said.