Everything Around Crypto
Bitcoin
$10,849.40
+152.64
(+1.43%)
Ethereum
$360.07
+6.1
(+1.72%)
Ripple
$0.24
0
(+0.87%)
Litecoin
$45.69
+0.46
(+1.02%)
EOS
$2.60
+0.04
(+1.48%)
Cardano
$0.10
0
(+1.09%)
Stellar
$0.07
0
(+1.05%)
NEO
$19.83
-0.36
(-1.78%)
NEM
$0.12
-0
(-0.9%)
DigitalCash
$68.68
+1.33
(+1.97%)
Tether
$1.00
0
(0%)
Binance Coin
$28.96
+2
(+7.42%)
QTUM
$2.44
+0.01
(+0.54%)
Verge
$0.00
-0
(-2.5%)
Ontology
$0.64
-0
(-0.2%)
ZCash
$61.10
+5.03
(+8.97%)
Steem
$0.17
-0
(-1.8%)
EUR
$1.10
0
(-0.08%)
GBP
$1.23
-0.01
(+0.67%)
JPY
$0.01
-0
(+0.14%)
CHF
$1.03
-0
(+0.45%)
CAD
$0.72
0
(-0.17%)
AUD
$0.66
-0.01
(+0.94%)
ZAR
$0.06
-0
(+0.36%)
RUB
$0.01
-0
(+0.81%)

Bitcoin Dives to $7,000 as S&P 500 Tumbles: Is This It for Crypto Bulls?

1

After the bullish price action that transpired on Monday, Bitcoin has been dealt a blow over the past few hours, tumbling from the daily high at $7,470 to a local low of $7,070 — slightly more than a 5% drop from the local high.This weakness comes as the stock market has stumbled for the first time in a week, with the S&P 500 index actually posting a slight 0.16% loss since the Tuesday open and after Monday’s 7% performance.But is this it for Bitcoin bulls?Related Reading: After Trashing Bitcoin, McAfee Is Promoting These Three AltcoinsBitcoin Bull Case Remains IntactAccording to many analysts, Bitcoin’s bull case remains intact, despite the recent weakness.In a post to his Telegram channel, popular crypto trader Filb Filb noted that BTC’s weakness stopped at two key levels: the 100-week moving average (simple MA) and the yearly volume-weighted average price, which implies that bulls remain in control for the time being. Bitcoin also remains above the yearly open price, adding credence to the bull case.Furthermore, a number of positive technical trends remain intact.Bloomberg wrote last week that Bitcoin’s recent move higher has allowed it to trigger a “positive divergence and a buy signal,” according to the indicator the DVAN Buying and Selling Pressure Gauge.DVAN buying/selling gauge shows Bitcoin could trigger buy signalBTC last saw this trend in January, prior to the 50 percent surge from $7,000 to $10,500. The same indicator also flipped bearish when BTC fell under $10,000 in the middle of February, adding credence to the recent signal.

Leave A Reply

Your email address will not be published.