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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Dives 5% From $7,000 Daily High as S&P 500 Starts to Reverse

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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After peaking just shy of $7,000 today, Bitcoin has tumbled lower, falling from the $6,950 high to $6,600 just minutes ago, a drop of 5%. Altcoins have followed suit, posting a similar loss to the crypto market leader.

Bitcoin’s recent bout of weakness comes as the stock market has shown signs of reversing after last week’s rally, purportedly the strongest seen in decades.

The S&P 500, per data from Google Finance, closed 2.20% down from the previous day’s close, while the Dow Jones slid by a similar amount. This trend has continued into the futures trading session, with the S&P 500 and Dow Jones both falling by 0.74% since Wednesday’s close.

Considering that Bitcoin fell in tandem with stocks, it appears the correlation between the two asset classes is playing out yet again, despite those claiming that BTC is a “store of value” or otherwise.

Bitcoin Could Bounce From Here

BTC is closing the lowest it has in days, but the cryptocurrency may be preparing to bounce. A top trader recently observed that Bitcoin is breaching the lower Bollinger Band on the six-hour chart, which led to immediate bounces.

When the lower Bollinger Band was pierced at the end of March, BTC spiked 8% in the two days that followed. Furthermore, the past four times the cryptocurrency pierced the upper Bollinger Band, multi-day corrections followed.

Not So Fast

Unfortunately for bulls, the bearish case seems to be more popular at the moment that the bull case.

Per previous reports from NewsBTC, Bloomberg wrote in an early Monday article that BTC was then leaning bearish, citing the “GTI Vera Convergence Divergence Indicator, which measures up and down shifts.”

At the time, the indicator suggested that the bull trend that began in the middle of March after the capitulation event is starting to “narrow,” indicating a loss of strength, “potentially indicat[ing] Bitcoin may be losing steam and could retest the $6,500 level.”

GTI Vera Convergence Divergence gauge shows narrowing of bull trend

The call for more downside has been echoed by other analysts. Crypto trader Smart Contracter indicated that with Litecoin currently making new lows, there’s a good chance BTC could follow lower, especially since the altcoin acts as a bellwether for the rest of the market.

Photo by Jeremy Thomas on Unsplash
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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