Bitcoin benefits from an adoption boost by Venmo, while "Dogecoin Day" so far produces little in terms of fresh price upside for DOGE. Bitcoin (BTC) saw a staunch comeback on April 20 as fresh bullish news from PayPal combined with solid on-chain indicators.
Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing to $56,000 during Tuesday trading, hours after hitting local lows of $53,300. With volatility still present, the pair nonetheless looked increasingly reliable above $52,000, a significant support zone and the floor seen during last Sunday's flash crash from all-time highs.
News that PayPal-owned payment company Venmo had launched cryptocurrency buying and selling to its app appeared to buoy the recovery. On the flip side, a social media-induced "Dogecoin Day" was adding pressure to Bitcoin's immediate upside prospects as funds continued to flow into DOGE on the day.
As Cointelegraph reported, the aim of the "celebration" is to launch DOGE/USD to $4.20 to coincide with the date and the week in which SpaceX "Technoking," Elon Musk, promises to "put a literal Dogecoin on the literal moon" with his latest rocket launch. The hashtag #Doge420 was trending on Twitter at the time of writing, with DOGE/USD trading at just over $0.38, coincidentally up 420% in a week but flat on the day. U.S. traders were yet to wake up, leaving the prospect of gains later in the day open.
Back within Bitcoin, meanwhile, traders were eyeing one indicator in particular as signalling both solid support at $52,000 and that this week's dip would now bounce definitively. Stochastic relative strength index (RSI), a expression of RSI's own strength, hinted that Sunday's dip was already following the pattern of six previous pullbacks in BItcoin's current bull run.
As such, daily performance should now see BTC/USD lifted off its recent floor and continue grinding upwards. Tradingview account Elliot0511, who uploaded a chart showing the habitual behavior, said in comments that there was no reason to think that this time would be different. It summarized:
"As we see from the chart we have a double confirmation that this DIP is almost at the end, we can establish it from the fact that, besides the fact that the price is bounced on the main support, we also have Stoch RSI at 0, this happened only 6 times from Bull market start and there was always a rebound, I don't see reason why this time the same thing should not happen, the Bull market has just begun, don't scare yourself because there is no reason."
Popular Twitter account IncomeSharks likewise highlighted the floor price level and pointed to decreasing DOGE inflows being apt to fuel Bitcoin's comeback.
"If you are willing to buy a hyped up meme coin at these prices, you should have no problem adding some Bitcoin spot here," it told followers Tuesday. "Once $DOGE dumps we should see a nice recovery. No point talking about any price lower than $52,000 unless this doesn't hold, which I think it will."
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||59.6%||81||$16 850.61||2.23%||2.05%||$323 880 775 090|
|2||ETH||Ethereum predictions||60%||79||$1 264.86||4.07%||8.41%||$154 786 411 293|
|3||USDT||Tether predictions||96%||1||$0.999917||0.02%||0.08%||$65 357 268 959|
|4||BNB||Binance Coin predictions||68.4%||67||$299.27||-1.26%||0.72%||$47 873 891 086|
|5||USDC||USD Coin predictions||92.8%||1||$0.999988||-0.01%||-0.02%||$43 305 846 022|
|6||BUSD||Binance USD predictions||92.8%||1||$1.000272||0.01%||0.02%||$22 171 401 519|
|7||XRP||XRP predictions||67.2%||66||$0.400157||1.69%||6.60%||$20 123 918 447|
|8||DOGE||Dogecoin predictions||60.8%||85||$0.105031||1.44%||29.90%||$13 934 589 528|
|9||ADA||Cardano predictions||62.8%||81||$0.314538||1.02%||0.17%||$10 833 319 810|
|10||STETH||Lido stETH predictions||91.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||MATIC||Polygon predictions||66.8%||72||$0.868577||3.45%||1.53%||$7 586 427 443|
|12||DOT||Polkadot predictions||68%||67||$5.39||1.58%||0.44%||$6 144 181 845|
|13||DAI||Dai predictions||96%||1||$0.999740||0.01%||-0.01%||$5 653 688 069|
|14||LTC||Litecoin predictions||62.4%||74||$78.05||1.92%||-0.16%||$5 598 468 272|
|15||WTRX||Wrapped TRON predictions||68.4%||68||$0.053816||0.24%||5.92%||$5 471 826 904|
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