Bitcoin market is trying to recover from recent shocks

After experiencing major falls and leaps over the past few days, the bitcoin market is gradually starting to come to its senses and is trying to gradually restore its lost positions.

After the Fed lowered the rate to zero andpromised to inject $ 0.7 billion into the US economy to mitigate the influence of coronavirus, crypto traders at first did not know how to respond to this news. Therefore, on the night of March 16, the PTS jumped from $ 5170 to $ 5950 in an hour, and then also quickly returned to its previous level and continued to fall down to $ 4440.

However, once again breaking through the strong support level around $ 5000 became a signalfor a purchase that deduced bitcoin from the price peak. The increase in trading volumes and demand temporarily stabilized the situation, so the market is trying to gradually recover. At the time of publication, MTC for $ 5414 and over the past day grew by 8.1%.

For the leading cryptocurrency, the level of $ 5000 isimportant, since breaking through it brings the price closer to the margin of mining profitability. So far, despite market shocks, the mining ecosystem as a whole continues to operate stably and the hash rate does not indicate a significant decline.

Trading in the altcoin markets also revived and many coins added 6-11% per day. Ether (ETN) during this time increased by 5.95%, XRP - by 5.83%, and Bitcoin cache (VSN) rose by 12%.