• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Struggles to Hold $7K as US Stocks, Oil, Gold Fall in Sync

Yashu Gola by Yashu Gola
9 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
Bitcoin Struggles to Hold $7K as US Stocks, Oil, Gold Fall in Sync

Bitcoin Struggles to Hold $7K as US Stocks, Oil, Gold Fall in Sync

Advertisement
Listen to Article
  • Bitcoin briefly dipped below $7,000 as the US oil prices collapsed to their two-decade low.
  • The cryptocurrency’s price declined alongside US equities and Gold markets, again exhibiting a risk-on behavior.
  • The US dollar, on the other hand, jumped on safe-haven demand.

Bitcoin briefly fell below its $7,000-support in what appears to be a panic-sell caused by the upsetting US oil prices ahead of the New York morning bell.

bitcoin, btcusd, cryptocurrency
BTCUSD edges lower as US stocks, oil fall | Source: TradingView.com, Coinbase

The benchmark cryptocurrency plunged 2.95 percent to log an intraday low of $6,920. It shortly recovered part of its losses, reclaiming $7,000  to mark the presence of bulls, but hinted a turbulent week ahead as it continues its short-term correlation with the bearish US stocks.

US Market Sell-off

The US benchmark S&P 500 was set to begin Monday in the negative area, with its futures implying to open 49 points lower, according to CNBC pre-market data. Its downside predictions followed the collapse of the US oil benchmark, West Texas Intermediate, to its two-decade low.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It slid 30 percent to $11 per barrel as lockdown imposed because of the fast-spreading Coronavirus pandemic hit the oil demand.

Oil futures, S&P futures, and Bitcoin all falling. Everyone's dancing to the same drum pic.twitter.com/pdaBT1ULde

— Joe Weisenthal (@TheStalwart) April 20, 2020

The dangers lurking in the US financial market affected an otherwise non-correlated asset like bitcoin. As of late, investors have sold off the cryptocurrency to cover their losses elsewhere. Bitcoin’s top competitor Gold has also faced similar sell-offs during US stocks meltdown.

The yellow metal fell by 0.68 percent to $1,671.21 an ounce during the European session Monday.

Bitcoin is now at the risk of extending its downside moves as investors move to the US dollar as their short-term safe-haven ahead of the release of macro data and corporate earnings this week. Coca Cola, Netflix, Delta Airlines would release their first financial reports during the Coronavirus pandemic that has led investors to expect more market volatility.

US Dollar Up; Troubles for Bitcoin?

While bitcoin, gold and US stocks plunge, the demand for US dollar remains strong. The US Dollar Index, which tracks the greenback against a basket of foreign currencies, jumped by 0.34 percent on safe-haven demand Monday.

dollar, bitcoin, btcusd
DXY inches higher on safe-haven demand | Source: TradingView.com

As the market heads further into a recession, and disruption in economic activity continues with rising Coronavirus cases, bitcoin is one of those assets that would remain under the risk of bearish swings. Meanwhile, its profitability in the near-term could make it an ideal asset to liquidate for dollar, adding more downside pressure.

Gold and the US dollar remain among the top reserve of value assets in this crisis. pic.twitter.com/0MVMHBBpsY

— Daniel Lacalle (@dlacalle_IA) April 20, 2020

So far, bitcoin is maintaining its April gains.

Cover image via Unsplash.

Tags: bitcoinbtcusdcryptocurrency
TweetShare18
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Ethereum

Ethereum Starts Fresh Increase, Why ETH Could Surge To $1,500

4 hours ago
Bitcoin

Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again

6 hours ago
Ethereum

Here’s the Key Demand Zone Ethereum Might Test Before Surging Higher

16 hours ago
Ethereum

Ethereum Could See an Explosive Move Higher Following Massive 20% Surge

2 days ago
bitcoin bear trend adx

Bear Trend Begins To Take Hold In Bitcoin For First Time Since October 2020

2 days ago
Bitcoin

Bitcoin Tests a Critical Resistance Following Overnight Rebound; What’s Next?

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.