. Bitcoin overturns its price movement soon after the equity markets drop on Friday.
. Top-performing altcoins also followed the suit of spin, which Bitcoin rotated.
Bitcoin, the multifaceted phenomenon of decentralized money, is showing signs of visible price movements since the conventional financial market has started to nosedive majorly due to the Covid-19 pandemic.
In between the market turmoil, last week, Bitcoin started to revive from the 90 day low of $4,106.98 USD. For the past eight days, the 1st rank cryptocurrency was trading between $6,450 to $6,850 range.
The Bitcoin price index on CoinMarketCap is reflecting a seven day low at $5,785.00 USD, which is almost 68.78% down from the ATH period, i.e., $20,089.00 (Dec 17th, 2017) according to messari.io metrics.
Similarity B/w Bitcoin Price & Equity Markets
Amid the rising number of Covid-19 cases, the effects on the equity market are reflecting the severe economic slowdown, which in turn caused the fuzz in the cryptocurrency markets as well.
From the past ten days, the equities markets were trying to climb up, then suddenly bounced back and closed on Friday with losses. In the line, the Dow (Dow Jones Industrial Average) closed with a loss of 915 points or 4%, the Nasdaq composite was down 3.79%, and the S&P 500 dipped almost 3.37% on Wall Street.
Interestingly, the Dow has gained 12.84% this week. It is being considered the best week for Dow, since 1938, according to the CNBC markets report.
Reportedly, BTC has experienced the break down in its support level of $6,450 due to the pulled back of $6,550.
Though, traders are still positive and anticipating the tumbling movements as a sign of a sharp reversal in BTC growth. Many are predicting the sharp move is on the cards as there are only a few days behind in BTC halving.
One of the market analysts commented on the price volatility of BTC and said that the top crypto asset is approaching a pivotal point.
“If the bulls are unable to regain the $6,800 level, the 200-week moving average is lying below at around $5,500 on a high volume node, which was previously front run in the last attempt to break $6,800. Should the bulls find their feet again, diagonal support can be at $6,250.” Filbfilb cited.
As of press time, BTC is at $6,236.45 (-6.14%), segmenting the top altcoins in the respective direction. Altcoins have gone through the visible changes in the 24(h): ETH $128.64, (-5.87%), XRP $0.169100 (-3.09%), Tether $1.00 (0.00%), Bitcoin Cash $208.52 (-7.72%).