Rush to Safe Haven Assets Benefits Bitcoin

Rush to Safe Haven Assets Benefits Bitcoin

Bitcoin had quite a jump today with CME futures up over 10% at $6,870 as of 3 PM EST. Last night we had a jump in pricing that took Bitcoin futures up to $7,345.

This recent action is very bullish and suggests that it BTC left its recent trading range and sideways activity and will soon likely retest resistance at just below $8,000 ($7,970) in the coming weeks. The resistance we see coming in now is right at the 21-day exponential moving average currently sitting at $6,891. This average was crossed last night for the first time since February 25th when BTC was trading at around $9,600.

All in all more than anything today we saw a rush to safe haven assets be it gold, silver, the U.S. dollar or Bitcoin. This is something we have been expecting to come into market sentiment for over a month and is likely to continue this time as the true scope of the covid-19 pandemic is a hard truth that even President Trump can no longer hide from. The projections of the death toll reaching 200,000 in America have finally awoken fear in those previously unaware of the likely casualties. Not just in America but worldwide scientist race to find a magic bullet while 95% of the world adjusts to “social distancing”.