Bitcoin (BTC) braved less volatile but choppy trading on April 9 as the United States Federal Reserve flooded markets with trillions in dollars.
Daglig oversigt over kryptovalutamarkedet. Kilde: Coin360
Fed rolls out trillions in loans
Data fra Coin360 og Cointelegraph markeder showed BTC/USD still keeping within a tight $400 corridor between $7,100 and $7,410 as the week continued.
A sudden dip to $7,110 formed the most volatile feature of the past 24 hours. At press time, Bitcoin traded at around $7,325.
Bitcoin 1-dags prisoversigt. Kilde: Coin360
The largest cryptocurrency appeared broadly unfazed by the announcement of a fresh stimulus package from the Fed worth $2.3 trillion.
I en pressemeddelelse, the central bank said that its aim was to “support the economy” as the U.S. coronavirus death toll reached 14,800.
Board Chair Jerome H. Powell said:
"Feds rolle er at give så meget lindring og stabilitet, som vi kan i denne periode med begrænset økonomisk aktivitet, og vores handlinger i dag vil hjælpe med at sikre, at det endelige opsving er så kraftigt som muligt."
The cash injection comes just weeks after a giant $6 trillion liquidity tsunami from the Fed, a sum so large that it equals the entire U.S. GDP from 1990. Earlier on Thursday, Cointelegraph rapporteret that U.S. national debt was at a historic high of $24 trillion.
Commentator: BTC is staging a “sucker rally”
While markets were also buoyed by the potential for a cut in oil production after Thursday’s OPEC+ meeting, among Bitcoin analysts, the mood was overwhelmingly bearish.
Despite rising around 8% in a week, Bitcoin, like traditional markets, was unlikely to sustain its trajectory, Cointelegraph Markets’ Michael van de Poppe advaret.
“The price of $BTC is slowly grinding upwards, but volume is decreasing,” he wrote in a Twitter indlæg på torsdag.
“The $6,900 shorters got stopped out & flipped long, while the $7,700-8,000 shorters are waiting. More and more people turning bullish, giving me indication that liquidity is beneath us. Let’s see.”
Popular commentator Looposhi was more damning, writing:
"Jeg synes bare, det er sødt, hvordan nogle af jer er ved at brænde deres konto over noget lærebog. Lad mig være meget tydelig. DETTE ER ET #Bitcoin SUCKER RALLY!”
Meanwhile, U.S. jobless claims totaled over 6 million for a second week, van de Poppe agreeing with the International Monetary Fund, or IMF, that coronavirus would create the worst recession since the Great Depression of the 1930s.