Bitcoin

The SP 500 sets a record as Bitcoin price battles for the 12,000 zone

The exclusive US stock index The SP 500 on Wall Street closed on a new record this Tuesday Almost six months after the COVID-19 crisis began, all-time highs were recorded.

The index has just broken its all-time high, which was last set in February. The day of this Tuesday culminates in 3,389.77 units.

The index’s rise to this level is the third-fastest rally in history, according to CNBC, after being devalued in March to its lowest level ever this year.

The SP 500 sets a record as Bitcoin price battles for the 12,000 zone
The SP 500 sets a record as Bitcoin price battles for the 12,000 zone

So far, the SP result has been + 54% since then. End of today Tuesday.

In the rest of Wall Street, the Dow Jones fell 66.84 points to 27,778.07 units, while the Nasdaq rose 81.12 points to close at 11,210.84 units.

Positive news got the day going

A number of positive news about the coronavirus pandemic appear to be the reason for the current market rally.

A new COVID-19 test developed by Yale, which gives much more accurate and faster results with just a saliva swab in conjunction with a future vaccine, could be the optimistic reason for traditional investors to consider starting the virus eradication in the US.

Faster and more accurate testing will help contain and eventually eradicate the virus, on top of the downward trends seen in daily coronavirus cases that peaked in late July.

With that in mind, the daily falls have dropped from 75,000 on July 17 to just 37,240 today, a good trend that seems to have encouraged investors, even if that doesn’t mean he’s out of the woods.

However, schools are about to reopen for fall classes and flu season. suggest a further spike in cases in the near future, which could fuel investor fears due to its adverse effects on a fairly compromised economy.

So far, only seven states have set up programs to receive President Trump-approved emergency unemployment benefits. This shows that the plan was preliminary and that Congress needs to intervene again.

And the reality seems to be even harder With 43 bankruptcy filings this year, that rate will beat the worst of the Great Recession years.

In this augmented reality context, Walmart reports declining sales as Customers are starting to save money againand if Congress couldn’t agree on a new stimulus agreement, more companies could feel the pain of the post-pandemic recession.

Bitcoin price continues to rise

As the records flood the traditional stock market and Wall Street stocks in the alternative decentralized finance market, Bitcoin price has a flash crash to $ 11,860after denying resistance at bullish levels near $ 12,500.

Now the price has found new support at $ 11,800 that it wants to consolidate at the end of the daily candle, which allows for thinking new bullish levels near $ 12,900.

However, it is possible that we would expect an even bigger decline in the next few hours before the weekend, even reaching a strong support level of $ 11,400. BTC price is returning to spike to new highs for the year.

In this sense, The price of Bitcoin follows the upward trend that began last March. when it hit its lowest point in the year and its cumulative profits have already exceeded traditional assets since then.

Contrary to what the SP recorded this Tuesday, Bitcoin’s price is up from its year-low of + 223.86%compared to the 54 percent registered by the stock index with today’s record.

The Bitcoin price already outperforms the SP 500 four times is concerned, and everything seems to indicate that looking at the bullish Fibonacci zone at $ 12.515, it will be a matter of time before a new annual high beats what it has seen.

Bitcoin as a financial account

Much is likely to reveal a lot about the US economy this week as tech company earnings reports are finalized.

Reports from major retailers this week will provide clues to the economic recovery and a look at the health of the American consumer who definitely has the final say in both traditional stock and alternative crypto markets, with Bitcoin taking the lead. .

With millions of Americans spending more time at home due to pandemic restrictions, the rise in home improvement has fueled promotions like Home Depot, for example, while search engines realize that the Northern Country continues to favor Tesla and Bitcoin stocks as the most popular assets within the professional trading view- Platform.

As the Cold War between China and the US rages on, it’s no wonder the income statements of giants like Nvidia and Intel on Wednesday night are leading the way for investors in the very long term, but what it will frustrate investors in the short term.

In this context, Bitcoin continues to grow in importance with institutional consumers. and today Tahinis Restaurants, a small company originally from Canada, is just the second company to convert its stock balances into Bitcoin.

The event follows the MicroStrategy line announced a few days ago and represents a kind of conscious spiral that floods institutional minds to turn to safe assets like gold or bitcoin and avoid financial disasters in their business, which many analysts assume that it will do so in the next few months, when the stocks that have amassed an increasingly weak dollar finally explode.

If this practice is repeated and the financial health of major world economies like China and the US eventually begins to overheat We’re going to have a price explosion in the alternative market Just as experts in the field expected earlier this year.

At the moment, this user on Twitter has left the possible pattern for the price of Bitcoin in the further course of 2020 quite clear.

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