Bitcoin Decouples from Risk Assets as Price Jumps Past $5,800, But is it Temporary?

    • Bitcoin is bullish, could rise above $6,000
    • But the pain not over, BTC is not expected to from v bottom

    In a sudden move, the Bitcoin price has started rising, going as high as $5,782 for now. At the time of writing, BTC/USD has been trading around $5,860 with 24 hours gains of 9% while managing the daily trading volume of $1.9 billion.

    US stock futures meanwhile fell lower on Thursday indicating yet another tough day for the markets. European markets opened higher but lost their gains with Asian markets are having another down day.

    Bitcoin’s decoupling from the stock market was seen yesterday as well when bitcoin went to $5,500 while Wall Street had a brutal day when benchmark indexes fell 5%.

    However, over the weekend as well, Bitcoin price jumped to nearly $6,000 on the back of Federal Reserve slashing rate cuts to zero and restarting QE, only to drop below $4,500.

    “HUGELY bullish dynamics for Bitcoin right now, BTC flat during HISTORIC risk-off days in markets,” said Hunter Horsley, CEO of Bitwise.

    Bitcoin along with gold started decoupling from the S&P 500 about three days ago. Here, on-chain analyst Will Woo sees Bitcoin forming an accumulation pattern and gold a double bottom.

    However, economist and trader Alex Kruger isn’t really sure of this move, expecting it to be temporary, as he said,

    “BTC has largely decoupled from risk assets in the last two days. Not fully though, e.g. this morning's pump was a mirror of the US stocks upmove at the open. I think this is temporary.”

    Bitcoin looking bullish

    Ever since bitcoin started recovering from its crash where it declined over 63% from February 2020 high on March 12 in line with the risky assets, Bitcoin has been hovering around $5,000.

    Given that the price drop has left miners unprofitable and reward halving coming, industry commentators are expecting the crypto asset to range instead of dropping in a V bottom.

    Trader Crypto Michael is seeing the digital asset surging above $6,000 but it doesn’t mean there won't be any more pain ahead for bitcoin.

    ”Valid bullish divergence applied on the markets on 4-hour, which could suit a slight upwards bounce to $6,100-6,400.

    Also closing CME gap there + taking liquidity. However, anticipating that we're going to see some more blood after. $4,800 needs to hold.”

    Although given the stock market’s negative reaction to the continued stimulus of central banks, some are expecting bitcoin to take a hit as well, if even a small percent of this stimulus finds a way into the crypto market, cryptocurrency will surge with 72% on Coinbase already buying.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$6,884.2193 change ~ 2.45%

    Coin Market Cap

    $126.02 Billion

    24 Hour Volume

    $6.31 Billion

    24 Hour VWAP

    $6.78 K

    24 Hour Change


    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he 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


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    National Internet Finance Association of China Warns Against Manipulative Crypto Exchanges

    The National Internet Finance Association of China(NIFA) has issued a warning for investors who have been associated with the crypto-verse about the growing risks...

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.