Yesterday was another bad day for the S&P 500 and Dow as both of these markets dropped 5.18% and 6.30% which nearly erased the entirety of the gains that the market had accrued ever since Donald Trump took office in January 19, 2017. The cryptonews now show that Bitcoin price stabilizes as the COVID-19 spreads all over the globe.
To date, the unrelenting downturn in the equities markets continues as the Trump Administration attempts to calm the public by holding daily press conferences at the White House which are headed by the Coronavirus Task Force.
Earlier in the day, the US lawmakers approved the Coronavirus relief bill. This bill, when signed by the president, is going to provide the American workers with up to two weeks of paid sick and family leave, along with the COVID-19 testing for people showing symptoms related to the virus.
As the Bitcoin price stabilizes above $5,400 today, we cannot deny the fact that the dominant coin is down by 50.8% since last week. As such, it appears to have found solid ground and has held the $5,000 margin quite well this week. In this interesting turn of events, there is also a complete inversion of the argument that BTC is inversely correlated to the major markets.
The Bitcoin price news are also related to the altcoin news, which show that altcoins are gaining in a similar momentum. The 4-hour timeframe shows that the BTC price is consolidating into a tighter range within the pennant.
Currently, the support is placed at $5,150 which lines up with the lower Bollinger Band arm and the high volume node on the volume profile visible range (VPVR). Below this level, there are $4,800 and $4,400 acting as support lines.
A bullish outcome as the Bitcoin price stabilizes would force the price of the dominant coin to push above the $5,700 and $6,000 levels at the overhead trend line of the pennant – flipping the level from resistance to support and then seeing a daily higher high above $5,900. In a bearish scenario, the price drop would go below the $5,158 support and towards $4,800 and $4,400 as analysts predict in the latest news.
Of course, all of these are possibilities but also something that could and could not happen, based on the future trajectory of the BTC price.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post