Today's Paper Obits Digital FAQ Newsletters Coronavirus 🔴 Cancellations 🔴NWA Screening Sites Virus Interactive Map Coronavirus FAQ Crime Razorback Sports Today's Photos Puzzles
ADVERTISEMENT

Bitcoin is struggling to hold onto gains following a prolonged bout of selling, but at least one measure shows that a rally is possible going forward.

Based on the DVAN Buying and Selling Pressure Gauge, Bitcoin jumped above a crucial level of resistance, triggering a positive divergence and a buy signal. A similar trend played out in January ahead of Bitcoin's surge past $10,000.

"The potential for downward moves remains in these next two weeks, depending on what new health and economic data shows. But the long-term case for crypto has been made stronger by the impacts of this pandemic," said Richard Rosenblum, co-head of trading at crypto market-maker GSR. "As the dust settles, people will begin to look for a store of value."

Bitcoin rose as much as 4.4% to $7,048 in New York on Friday, while the Bloomberg Galaxy Crypto Index, which tracks some of the largest digital assets, gained as much as 4%.

[CORONAVIRUS: Click here for our complete coverage » arkansasonline.com/coronavirus]

Investors are rushing out of riskier assets amid the coronavirus pandemic that's cast a shadow on global growth prospects, with Bitcoin losing about 25% in March. That was its worst month since November 2018.

"Cryptocurrencies, especially Bitcoin, were supposed to offer a safe-haven against traditional assets and currencies," said Nicholas Cawley, senior market analyst at "But they have failed, and badly."

Bloomberg tickers: '%XBT'/

SundayMonday Business on 04/05/2020

Print Headline: Bitcoin pushes through sell-off period

Sponsor Content

Comments

COMMENTS - It looks like you're using Internet Explorer, which isn't compatible with our commenting system. You can join the discussion by using another browser, like Firefox or Google Chrome.
It looks like you're using Microsoft Edge. Our commenting system is more compatible with Firefox and Google Chrome.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT