Bitcoin (BTC) made unexpected gains on March xix equally another 24-hour interval of coronavirus misery suddenly turned positive for investors.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

BTC price reaches six-day high

Data from Coin360 and Cointelegraph Markets showed BTC/USD moved up 11% in the 24 hours to printing time on Thursday.

Current levels of $5,630 mark Bitcoin's highest since March 13, when the cryptocurrency fell to lows not seen since 2022. Since then, it has recovered by over 50%.

Bitcoin 1-mean solar day toll chart. Source: Coin360

Nonetheless, analysts were not expecting major upward momentum to build. As Cointelegraph reported, Wednesday saw fresh warnings from veteran trader Tone Vays, who said that he was prepared for Bitcoin to dip every bit depression as $ii,000 by May.

For Cointelegraph Markets analyst filbfilb, the brusque term was likely to run into ranging between $four,000 and $six,000.

"We desire to see clear rejection beneath 4.8k and focus trade above. It's going to be real choppy for a while," he told subscribers of his Telegram trading channel on Midweek.

Standing the measured response to the latest market place conditions, statistician Willy Woo believed it would take fourth dimension for Bitcoin to recover fully. He tweeted:

"I will note that I don't look a 5-shaped bottom, I recollect there will be fourth dimension, an accumulation range earlier moving upwardly."

Woo added that from the expect of charts he included in the post, Bitcoin still exhibited bullish signs.

ECB joins bailout plans

On traditional markets, meanwhile, losses were stemmed past the announcement of a huge new stimulus parcel to counter coronavirus. This time, it came from the European Central Depository financial institution (ECB) and was worth 750 billion euros.

In the wake of a muted reaction to similar efforts by the Federal Reserve in the past calendar week, Christine Lagarde, president of the ECB, said that there were "no limits" on potential financial measures.

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