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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
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Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Price Prediction For April 5th

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Bitcoin’s Failed $90,000 Attempt Hints at an Impending Price Surge Despite the Fear of a ‘Death Cross’- Will it Reach $100K

The post Bitcoin Price Prediction For April 5th appeared first on Coinpedia Fintech News

Bitcoin (BTC) has demonstrated its maturity in the past few days as the wider stock market swooned from the escalated trade wars. On Friday, China retaliated against the U.S. tariffs, thus further weakening major stock indexes led by the S&P 500, the Dow Jones Industrial Average, and the Nasdaq composite.

However, Bitcoin price teased $84k, as its 24-hour average trading volume surged over 22 percent to hover at about $42 billion on Saturday, during the mid-London session. 

Recession Looms

The ongoing global trade war is expected to significantly disrupt international supply chains. JPMorgan Chase & Co. said it expects the U.S. economy to fall into a recession this year.

“We now expect real GDP to contract under the weight of the tariffs, and for the full year we now look for real GDP growth of -0.3 percent, down from 1.3 percent previously,” Michael Feroli, chief U.S. economist at JPMorgan noted.

Bitcoin Whales on the Hunt

Bitcoin has been identified as a hedge against ongoing macroeconomic uncertainties. Moreover, gold was exempted from the ongoing tariffs, and BTC is widely regarded as the modern digital gold.

Consequently, long-term whale investors have accelerated their BTC accumulation in anticipation of a bullish breakout ahead. According to on-chain data analysis by Intotheblock, the volume of large transactions has increased by $136 billion in the past seven days.

Meanwhile, the overall supply of BTC on centralized exchanges has declined from 2.22 million on March 18 to around 2.19 million on April 5.

What Next?

From a technical analysis standpoint, Bitcoin price has approached the apex of a multi-week correction and consolidation. According to Matthew Dixon, a veteran financial trader, the BTC price is on the cusp of a major capitulation towards $70k.

However, the BTC price has established a robust support level of around $80.5k, which could form a basis for the next rally towards $85.5k and $92k soon.

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