Bitcoin has regained the psychological price level of $40,000. However, it is doubtful whether the bullish momentum can be sustained above this high. The cryptocurrency is trading in the downtrend zone and lacks buyers at a higher price level.
Since January 28, the altcoin has been in an upward move. EOS reached a high of $3.37 but failed to continue the uptrend. Today, the market is falling and it is likely to find support above the lower price range.
Despite the global economic recession caused by the Covid-19 pandemic, the cryptocurrency markets have soared significantly in value in 2020. The New Year is expected to be even more favourable for the growth of the industry, opening vast investment opportunities.
EOS commenced trading in January in a bullish trend. Before January 2020, the altcoin had been in a bear market for seven months. The coin has an opening balance of $2.59 but it rallied to $4.39 in the same month.