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Bitcoin price increased 3.2% on the day to target up to $ 9,200

Bitcoin price soared to $ 8,600, and the altcoin market became active again

Bitcoin (BTC) continued to rise to $ 9,000 on March 3, reaching a 5-day high as markets seem to be recovering from fear of corona viruses.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

Van de Poppe: BTC price could reclaim $ 9,000

Data from Coin360 and Cointelegraph Markets shows that the largest cryptocurrency reached a daily high of $ 8,900 before dropping slightly to $ 8,800 USD at press time.

The 24-hour profit of the BTC / USD pair totaled 3.2%, consistent with the recovery of some traditional markets as countries rushed to provide financial stimulus packages to boost the economy. International.

Bitcoin 1 day price chart. Source: Coin360
Bitcoin 1 day price chart. Source: Coin360

Although COVID-19 continues to spread, it seems that investors are more interested in looking for short-term measures to limit heavy losses last week.

“The reason seems to be, if the bad news is good news, then the terrible news must be great!” Market commentator Holger Zschaepitz ironic on Twitter.

Zschaepitz cited a mainstream media channel – describing the benefits “built on sand.”

Bitcoin analysts are also very optimistic for the days to come. For Cointelegraph analyst Michaël van de Poppe, a higher break could push the BTC / USD pair to $ 9,175 before resistance.

“The same remains on higher time frames, but we can see a rise to $ 9,175 here,” he said. write on Twitter today.

“That's the main level I watch for potential resistance, if the market bounces.”

Market capitalization of cryptocurrencies returned to USD 250 billion

Meanwhile, the price at the time of writing is almost the same as the average determined by Bitcoin's stock-to-flow model before halving takes place in May.

Overall, Bitcoin still lost 9.3% on the day compared to the beginning of last week, while monthly losses were a bit more modest at 5.7%.

Anyway, starting on Monday, the total crypto market capitalization increased by $ 11 billion to reach $ 252 billion at the time of writing.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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