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Home Cryptocurrency news Bitcoin

Bitcoin Slides As Greater Financial Market Is a Sea of Red, How Far Will BTC Drop?

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin
Reading Time: 2min read
Bitcoin Slides As Greater Financial Market Is a Sea of Red, How Far Will BTC Drop?
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Most major stock indices have collapsed under the pressure of the struggling economy. Whether it is due to the continued correlation between Bitcoin and stocks, or just general market sentiment turning bearish, the leading cryptocurrency by market cap has also started to decline.

With the rest of the market in a sea of red, and Bitcoin’s uptrend just coming to an end, how far could the cryptocurrency fall before a rebound gives the asset enough momentum for another shot at breaking $10,000?

Financial Markets a Sea of Red Following FOMC Meeting

All across the world of finance, there’s a sea of red. After most assets saw steady recoveries since the Black Thursday selloff, the rug may have just been pulled out from bullish investors hoping for the fabled V-shaped recovery.

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Signs were pointing to a full recovery. The Nasdaq composite index set a new all-time high, and both the S&P 500 and the Dow reclaimed highs from February 2020. Even Bitcoin found itself retesting $10,000 yet another time.

Related Reading | Bitcoin Abruptly Surges to $10,000: But Here’s Why a Brutal Rejection Awaits 

But following yesterday’s FOMC meeting that forecasted a GDP decline of 6.5% next year, then 5% and 3.5% further declines in the years after, combined with no interest rate increases until 2022, markets began to tumble.

Even gold, which saw an initial pump at the news is down intraday. Meanwhile, the Dow dropped over 2000 points since the meeting. Other major stock indices globally saw a dramatic collapse, along with individual stock share prices.

bitcoin market sea of red

Bitcoin Dragged Down Once Again By The Dow, S&P 500, More

Although markets are resuming the turbulence from March 2020, Bitcoin, an asset known for its extreme volatility has remained relatively stable.

BTCUSD has fallen just 5% intraday, which is nothing compared to the asset’s over 20-40% intraday moves.

Bitcoin price has been rejected yet again by resistance at $10,000, further prolonging any breakout into a new bull market.

BTCUSD has been steadily rising all throughout April and May, but investors may have benefitted had they followed the sell in May and go away strategy many cylical traders swear by.

Related Reading | Bitcoin Daily Close Shows Bulls Are Losing Control: Long-Legged Doji Explained 

Today’s drop has turned the June 2020 monthly candle red, after two months of positive price growth.

The asset’s block-reward halving came and went, without any meaningful impulse to the up or downside. Instead, Bitcoin price has been trading sideways as many analysts had expected.

The brutal selloff that’s hit traditional markets has dragged Bitcoin down once again. The last time around, the Black Thursday collapse took the price per BTC back to under $4,000.

Now that a lower high was set, a lower low cannot be ruled out. However, if Bitcoin can find support before a new low is set, it could find the strength needed to finally break and hold above $10,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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