The price of Bitcoin (BTC) reached $ 9,500 on May 14. When the recovery from the $ 1,200 drop last weekend received new momentum.
Daily summary of the cryptocurrency market. Source: Coin360
BTC price rose 11% within a few days
Cointelegraph Markets and CoinMarketCap data showed this The BTC / USD pair crossed another resistance barrier in trading on Thursday, increasing three-day gains to 11%.
In the past 24 hours alone, there has been an increase of around $ 8,900.
At the time of this release, the $ 9,500 mark appeared to be holding; The level meant an improvement of $ 1,300 from a current wick to $ 8,200 during the decline.
$ 8,200 marks the current zone of Bitcoin’s 200-day moving average.
Bitcoin 1-day chart. Source: CoinMarketCap
Bitcoin’s gains this week are even more in contrast to traditional markets and macro assets. This “decoupling” of the stocks previously reported by Cointelegraph shows no signs of loosening.
As Cointelegraph analyst Scott Melker ironically summarized Twitter::
Do you remember the day stocks fell and Bitcoin rose? That was today. And yesterday. They are not correlated now and they were not correlated before. Thanks a lot.
For the analyst Michaël van de Poppe, Paying too much attention in times of crisis and afterwards the market correlation is a dangerous game.
“When the shit hits the fan (which was in March), all correlations tend to go towards 1“” tweeted Thursday:
Since then, gold, silver and bitcoin have been resistant to downward movements and have shown strength alongside the stock markets. It is better not to look at these relationships.
Meanwhile, the latest technical analysis from Cointelegraph Markets shows Various indicators again indicate that BTC is on the way to the most important $ 10,000 level again.
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