Bitcoin price dips below $9K amid heavy stock market futures losses
- 15th June 2020
- Posted by: Hakeem
- Category: Crypto, FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, TECHNICAL ANALYSIS
Bearish moves for stocks appear in line with rumors of an incoming crash, with Bitcoin hitting its lowest levels in almost 3 weeks.
Bitcoin (BTC) dropped below $9,000 on June 15 as a new week produced fresh selling pressure across macro assets.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin price tests $9,000 resilience
Data from Cointelegraph Markets and CoinMarketCap showed BTC/USD entering the $8,000 range in Monday trading — for the first time since May 28.
The latest bearish move follows a difficult week for Bitcoin in which markets almost regained $10,000 before shedding $800 in a matter of hours on Thursday.
After spending the weekend at around $9,400, support gave way once more as the outlook for the week on stock markets looked bleak.
At press time, BTC/USD traded at around $9,000 amid an attempt to re-establish the level as support.
Bitcoin 1-day chart. Source: CoinMarketCap
Stocks wobble ahead of predicted “crash”
On Sunday, Dow Jones futures alone fell 900 points, with United States markets similarly uncertain prior to opening.
As Cointelegraph reported, Bitcoin has become increasingly resilient to the impact from stocks gaining or losing dramatically, a process which has become known as “decoupling.”
Nonetheless, hints of correlation remain, with Bitcoin now at its lowest in over two weeks. Last week came a warning that traditional markets were due for a crash-style correction within the next three weeks.
At the same time, Cointelegraph analysts suggested that $10,000 would continue to evade the market for the short term — and perhaps even longer.