Bitcoin (BTC) continued to merchandise most $7,000 on March 27 later traditional markets showed bullish signs and the Dow Jones had its best mean solar day in 87 years.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC trades in $400 corridor

Data from Coin360 and Cointelegraph Markets showed BTC/USD trading in a wide corridor betwixt $6,500 and $six,900 overnight on Thursday.

Bitcoin 1-day price chart

Bitcoin 1-day toll chart. Source: Coin360

Having preserved support at the lower end, Bitcoin saw its third consecutive day higher up $6,000 as coronavirus misery appeared to allay for some parts of the globe'due south financial system.

They were building on the success of the Dow, which on Wednesday saw its biggest ane-twenty-four hour period growth since 1933 at 20%. For the Wall Street Journal, this was fifty-fifty enough to call a bull market.

That, in turn, followed an announcement from the United States Federal Reserve to print unlimited amounts of money, something which immediately pumped markets but rattled Bitcoin proponents.

While Bitcoin continued to fluctuate, data suggested that traders were not in the mood to sell — according to monitoring resource Glassnode, exchange balances were at an eight-month low as of Th.

"Despite the volatility, #Bitcoin holders announced to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18," the company summarized on Twitter.

Van de Poppe: no bull market however

Since information technology crashed to near eighteen-calendar month lows on March 12, BTC/USD had recovered 80% at press time.

In a potentially tongue-in-cheek forecast, trader and entrepreneur Alistair Milne demonstrated that the pair may fifty-fifty take the potential to hit $nine,000 as shortly as next week.

For Cointelegraph Markets analyst Michaël van de Poppe, all the same, Bitcoin still had a lot to prove in order to ditch its bear market behavior.

While he called the 80% gains "tremendous," in a video update on Th, he said that levels above $6,900 however remained untouched.

"I don't experience that Bitcoin is in whatsoever bullish market correct now, given that we've lost pretty substantial support and we didn't reclaim annihilation at all," he summarized.

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