Bitcoin Challenges $10,000 Again & Decouples from the Stock Market

“Stonks be rolling over, Bitcoin be mooning”

Today, Bitcoin is challenging $10,000 yet again.

The good thing is “the more we test resistance, we eat away at those sell walls,” making it easy to break above this important level.

The world’s leading digital currency went as high as $9,945 and is currently trading above $9,600, up over 7% managing $2.5 billion in “real” volume.

For bitcoin to turn “certainly” bullish, the digital asset has to close above $9,500s on higher time frames.

“It's all a game of liquidations anyway,” said crypto investor and trader Josh Rager.

Source: TradingView

Today’s uptrend also resulted in filling the biggest CME gap that occurred over the weekend.

Filling this gap had Bitcoin falling from today’s high which has created a “nice” trading range of $9,800-10,100 in the highs and $8,250-8,400/$8,600 in the lows.

“No post-halving dump. The dump occurred before the halving. Bitcoin could be in a bull market,” said trader Crypto Michael.

Another bullish dose is given by analyst Galaxy who says breaking $10,500 resistance will be the showtime for the digital asset.

A bullish signal is also on the 12-hour chart with $10,500 and $10,800 as the next targets.

The bitcoin rally is expected to continue as it sustains higher lows, displaying quality strength by going up on volume while “overhead supply continues to get eaten away.”

“Stonks be rolling over, Bitcoin be mooning”

Bitcoin’s uptrend also resulted in the digital asset decoupling from the stock market. Starting March, bitcoin began acting like a risk-on asset following the equities market and their correlation also jumped to an all-time high.

But post halving, while bitcoin instead of having a pullback from expected miner capitulation climbed up, stocks continued their way downwards.

As we reported, Fed Chief Jerome Powell warned about lasting economic damage and called for more stimulus that had stocks falling.

“Stonks be rolling over, bitcoin be mooning. SPX double bear market rally top at the 62% retracement, rut roh. Fire up those stimulus checks and let’s take out $10k bitcoin,” noted BitMEX co-founder and CEO Arthur Hayes.

Already, we have been seeing new investors taking an interest in bitcoin. Macro investor Paul Tudor Jones being the latest one while CNBC’s Joe Kernen revealed that he owns some bitcoin as well.

DJ Kam Bennett is also looking to become one of us as he tweets to 1.8 million of his followers, “Now is the time to buy into bitcoin? Right?”

Bitcoin (BTC) Live Price

1 BTC/USD =$9,161.4984 change ~ 3.49%

Coin Market Cap

$168.46 Billion

24 Hour Volume

$7.57 Billion

24 Hour VWAP

$9.11 K

24 Hour Change

$319.5868

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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