Bitcoin Price crosses $6,900 mark; US Stock markets surge amid liquidity injections

Wall Street investors rejoiced on Tuesday with the major stock indices posting handsome gains upon day’s close. The development comes amidst the optimism that the Coronavirus pandemic might be easing after several cities in Europe, and the US posted a decline in the number of casualties.

Here’s how the US stock markets performed on Tuesday

• The Dow Jones Industrial Average Index (DJX) gained 558.99 points and stood at 23,949.76.

• The broader S&P 500 SPX index rose more than 3% and stood at 2,846.06.

• The biggest victor turned out to be the technology-rich NASDAQ Composite Index, which rose by almost 4% by the day’s end.

The biggest gainers turned out to be the Tech stocks. Shares of Amazon NASDAQ: AMZN was at one point, almost 7% up. Apple NYSE: AAPL ended the day with a gain of more than 5%.

Announcements as well flattening of the virus curve improved sentiments at Wall Street

1. The US Federal Reserve indicated earlier that it would resort to ample liquidity injections, wherever necessary, to ensure that households have sufficient money to get past the pandemic.
2. Donald Trump suggested that another big relief package could be in the cards.
3. The most crucial factor that helped uplift investor sentiments was hope. The fact that the number of new cases of COVID-19 declined in several countries gave hope that the worst phase might be behind us. 

Bitcoin whistles past the $6,900, is the next move going to $8,000?

• The day’s range for Bitcoin is $ 6,821.78 — $ 6,936.12. The hourly chart indicates that the price has slowly yet steadily moved up.

• Bitcoin has broken past a crucial resistance at $6,843. It could act as new support in the short term.

• The 50 Moving Average could, however, be potentially strong resistance at around $7,040.

• The daily chart still shows no signs of any abrupt movement on the upper side. However, a sharp decline could be on the cards for BTC.