Bitcoin Has Now 100% Recovered From $3.7K Lows, Decoupling From Stocks
Bitcoin (BTC) tested support at $7,500 on April 24 after a surprise surge saw the cryptocurrency beat out resistance and reliance on stocks.
Cryptocurrency market daily overview. Source: Coin360
BTC price puts in a $7.5K foundation
Information from Coin360 and Cointelegraph Markets showed BTC/USD attempting to class new support at $seven,500 on Thursday.
Since hitting a loftier of $7,760 the 24-hour interval before, but three cursory dips to the $7,400 zone have appeared, indicating renewed marketplace strength.
The high was Bitcoin's best performance since mid-March, when markets infamously crashed up to 60%, in line with mayhem in traditional avails.
Bitcoin 1-day price nautical chart. Source: Coin360
Since then, Bitcoin has slowly attempted to go out correlation with stocks and bonds, with Wed's boost sharply contrasting with misery on oil markets and foreboding amidst traders.
The S&P 500, for example, saw a sharp wrinkle in mid-day trading due to news that a pharmaceutical visitor allegedly harboring an effective coronavirus cure did not, in fact, accept one.
Bitcoin versus the Southward&P 500 iii-month nautical chart. Source: Skew
Cointelegraph analyst: $9K back in play
Against a backdrop of continued uncertainty, Bitcoin, therefore, looked all the more than impressive — twelvemonth-to-date, the cryptocurrency was up $300 or 4.2% at printing time. Versus its March lows, BTC/USD was upwards over 100%.
"If nosotros make some nicer dull retracements in the coming few days, I'k assuming we might fifty-fifty be going towards $8,400 or $ix,000, equally there is a CME gap over there which is a narrative for traders," Cointelegraph Markets analyst Michaƫl van de Poppe forecast in his latest trading video on Wednesday.
"But if we close the daily below $7,400, then I'm bold this to exist ane big trap, and I'grand probably fifty-fifty considering whatsoever shorts once again."
In the outcome, Bitcoin did not see a daily shut at lower levels.
Meanwhile, another theory surfacing among traders on social media focused on Bitcoin's resemblance to the Nasdaq during and after the Dotcom Bubble.
"So far this is textbook V-lesser," a popular Twitter-based analyst summarized almost Bitcoin's March bottom uploading comparative charts.
Proceed track of tiptop crypto markets in real fourth dimension here
Source: https://cointelegraph.com/news/bitcoin-has-now-100-recovered-from-37k-lows-decoupling-from-stocks
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