Bitcoin stagnates itself around $5,500 price zone and exhibits a gain of over 11% over the past 24 hours after an epic fall at $3,800. Yesterday happened to be a “black day” in crypto because the market drowned to an unimaginable number as Friday, the 13th seemed to prove its magic. Well, it was not just the crypto market, but also the stock markets worldwide have been facing a dearth of momentum as the novel Coronavirus continues to spread. Within this duration, the investors have lost millions of their hard-earned wealth as COVID’19 doesn’t take a back seat.
Well, now we would think that how is the world stock market or investment avenues connected to the crypto market or each other. To answer this, I would like to recall about the 2018 crypto ban that has been unleashed in India, and crypto becomes a legal investment asset. Since the investment markets have started to correspond and correlate with each other, we have already had an instance to it while the markets crashed together in the previous. With Bitcoin and crypto becoming world famous and acceptable investment avenues, it is more to less directly connected to stocks, gold, crude oil, and interrelated to the other altcoins as well.
— Binance Research (@BinanceResearch) March 13, 2020
While some would take this as an opportunity to buy and hold until the market trend reverses, while, others would just have panic short selling. However, this happens to be a very controversial market revision until trading takes a certain direction or correction upwards with steady support and momentum.
Who's buying the #Bitcoin dip? 🤔
— WazirX (@WazirXIndia) March 14, 2020
The crypto believers and lovers are likely to leave a mark (Buy the Dip), while others might still be panicking as they would rightly believe in the power of Bitcoin.
Bitcoin price against the US Dollar seems to face price accumulation after it bottomed out and rested at $3,800, slightly above the yearly bottom. While the currency tried to regain the momentum, it marked an intraday high at $5,990.77, slightly below the major resistance at $6,000. However, amidst the weakened market situation, BTC/USD exhibits a growing trend, and if the coin continues to have slow yet steady growth, we are likely to see a bullish crossover soon. On the half-hourly chart, BTC price is supported by the 50-day MA, while the MACD is yet to stabilize once the coin retests $6,000 on the upside.